Paul Joiner III
About Paul Joiner III
Paul Joiner III (age 47) is an independent director of Colony Bankcorp, Inc. (CBAN). He is Vice President of Finance and a director at Polymer Solutions Group, LLC and related operating entities, and is a licensed CPA with prior roles in public accounting and as a CFO. He holds a BBA in Accounting and a Master of Accountancy from the University of Georgia and joined CBAN’s Audit Committee effective March 1, 2025 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Mauldin & Jenkins, LLC | Various roles in Financial Institutions and General Services Practice | 2001–2010 | Public accounting experience; financial institutions practice |
| Thrush Aircraft, Inc. | Chief Financial Officer | 2010–2013 | Financial leadership; prepared for transition to next role |
| Polymer Solutions Group, LLC; SASCO Chemical Group, LLC; Flow Polymers, LLC; SASWAY Transport, LLC; PSG IP Operations Ireland Ltd. | Vice President of Finance; Director | 2013–present | Co-founded/co-owned trucking company prior to sale; acquisitions and product line deals; sale of multi-generation family business to PE and subsequent exit |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Polymer Solutions Group, LLC | Director; VP Finance | 2013–present | Oversees finance; participates in governance of related entities |
| SASCO Chemical Group, LLC | Director | 2013–present | Portfolio operations oversight |
| Flow Polymers, LLC | Director | 2013–present | Portfolio operations oversight |
| SASWAY Transport, LLC | Director | 2013–present | Logistics oversight; trucking business experience |
| PSG IP Operations Ireland Ltd. | Director | 2013–present | International entity oversight |
Board Governance
- Independence: Board determined Joiner is independent under NYSE and SEC rules; both Audit, Nominating/Governance, and Compensation committees are composed of independent directors .
- Lead Independent Director: None designated; Chairman (independent) is separate from CEO .
- Executive sessions: Independent directors met 9 times in executive session in 2024 .
- Board activity: Board met 8 times in 2024; each director attended at least 75% of Board and relevant committee meetings; all incumbent 2024 directors attended the 2024 Annual Meeting .
| Committee | Role | Since | Independence | Meetings in 2024 |
|---|---|---|---|---|
| Audit Committee | Member | Mar 1, 2025 | Committee independent; Joiner independent | 9 |
| Risk Management Committee | Member (all directors) | Ongoing | Full Board composition | 4 |
| Nominating & Governance | Not listed as member | — | Committee independent | 4 |
| Talent Management & Compensation | Not listed as member | — | Committee independent | 8 |
Audit Committee “financial expert” designation is held by Mark H. Massee, not Joiner .
Fixed Compensation
| Component | Amount/Structure | Notes |
|---|---|---|
| Annual Board retainer (independent directors, except Chair) | $48,000 | FY2024 policy |
| Chairman retainer | $63,000 | FY2024 policy |
| Employee-director retainer | $18,000 | FY2024 policy |
| Committee chair fees | $2,500 per committee | FY2024 policy |
| Equity grant to non-employee directors (general description) | 750 shares; vest in three equal annual installments | Policy statement |
| 2024 equity grant detail (per table footnote) | 600 shares granted on July 1, 2024 at $12.15/share fair value | Director grants in 2024 |
| Director compensation disclosure for Joiner (FY2024) | Not included in FY2024 Director Compensation Table | Suggests service commenced in 2025; table lists 2024 incumbents |
Performance Compensation
- No performance-based compensation metrics are disclosed for directors; director equity uses time-based vesting and is administered under an equity plan with clawback compliance and governance policies around grant timing (no MNPI timing) .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed |
| Compensation Committee interlocks | None disclosed for 2024 |
Expertise & Qualifications
- Licensed CPA; member of GSCPA and AICPA .
- Deep finance, M&A, and operations background across industrial/chemicals and transportation; executed competitive acquisitions and multi-PE transactions .
- Academic credentials: BBA Accounting and MAcc, University of Georgia .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class |
|---|---|---|
| Paul Joiner III | — | — % |
| All directors & executive officers (17 persons) | 1,156,646 | 6.62% |
- Hedging and pledging: Company prohibits speculative trading and hedging (short-selling, derivatives) and margin purchases for all directors; insider trading policy with blackout periods and pre-clearance applies .
- Director stock ownership guidelines: Not disclosed in proxy .
Governance Assessment
-
Strengths
- Independent director with CPA credentials; added to Audit Committee in 2025, bolstering financial oversight .
- Board separates Chair and CEO; regular independent executive sessions (9 in 2024); robust chartered committees and annual self-evaluation/training .
- Clawback policy compliant with NYSE Rule 10D-1; explicit prohibitions on hedging and MNPI timing for equity awards .
-
Potential Risks / RED FLAGS
- No reported beneficial ownership as of March 28, 2025 (“—”), suggesting limited immediate alignment; monitor for future accumulation through annual director grants or purchases .
- Board lacks a designated Lead Independent Director, though Chairman is independent; consider whether this affects agenda-setting and oversight continuity .
- Related-party loans: aggregate $4,038,375.34 to officers/directors and related companies, made on market terms; company-level exposure exists, though no person-specific detail provided—ongoing monitoring warranted for conflicts .
- Director equity grants historically modest versus cash retainers (e.g., retainer $48,000 vs. stock award reported $9,113 in 2024), potentially diluting long-term alignment if share ownership remains low .
-
Implications for investors
- Joiner’s audit and finance background is a net positive for board effectiveness; independence and committee placement support risk oversight.
- Watch for future Form 4 activity and beneficial ownership changes to assess “skin in the game.”
- Review any lending or service relationships between Colony and Polymer Solutions Group-related entities in future related-party disclosures to ensure ongoing compliance and absence of conflicts .