Rilla R. Delorier
COASTAL FINANCIALAbout Rilla R. Delorier
Independent director at Coastal Financial Corporation (CCB), age 57, serving since 2020 with current term expiring in 2026. Retired banking executive with 30+ years of experience, including leading Umpqua Bank’s digital transformation and SunTrust’s Retail Bank P&L of $2.7B; core credentials include product innovation, operations automation, cybersecurity practices, strategic partnerships, and analytics .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Umpqua Bank | Chief Strategy & Digital Transformation Officer | Apr 2017 – Aug 2020 | Led shift from physical to digital service/sales; new products; operations automation |
| SunTrust Bank | Multiple executive roles; leader of Retail Bank | Feb 2006 – Feb 2016 | Managed Retail Bank P&L of $2.7B |
External Roles
| Organization | Role | Status/Tenure | Notes |
|---|---|---|---|
| WisdomTree, Inc. | Director | Current (not dated) | Asset management company |
| Atlantic Union Bankshares | Director | Current (not dated) | Regional banking company |
| Nymbus | Director | Current (not dated) | Fintech platform |
| Central City Concern | Director | Current (not dated) | Non-profit organization |
Board Governance
- Independence: Independent director per Nasdaq standards; board independence determination lists non-independent exceptions as CEO Eric Sprink, Brian T. Hamilton (President, CCBX), and Christopher D. Adams (law firm partner), not including Delorier .
- Committee assignments (as of Mar 19, 2025): Audit Committee – Member; Compensation Committee – Member; Governance & Nominating – not listed .
- Committee meeting counts in 2024: Audit 15; Compensation 3; Governance & Nominating 1 .
- Board meetings/attendance: Board held 11 regular meetings in 2024; no director attended fewer than 75% of board and key committee meetings .
- Annual meeting participation: Six directors attended the 2024 Annual Meeting of Shareholders (individual attendance not specified) .
- Board leadership: Chair is Christopher D. Adams; roles of Chair and CEO separated (Chair not independent due to related-party legal services) .
Fixed Compensation
| Component (2024) | Amount ($) | Notes |
|---|---|---|
| Cash fees | 42,917 | Standard director cash compensation (~$43,000); committee chair cash adders only for chairs |
| Equity (restricted stock) | 60,033 | RSAs granted in May; vest 100% one day prior to next annual meeting |
| Total | 102,949 | |
| Mix (%) | Cash 41.7%; Equity 58.3 | Derived from amounts above |
- Program structure: Non-employee directors receive cash retainers; committee chairs receive +$5,000 cash per chaired committee; equity RSAs ~ $60,000, with higher RSA values for certain chairs (e.g., Audit Chair +~$15,000; Board Chair ~ $90,000) .
Performance Compensation
- No performance-based director compensation disclosed; director equity grants are time-based RSAs vesting one day prior to the next annual meeting .
Other Directorships & Interlocks
| External Company | Industry | Potential Interlock Considerations |
|---|---|---|
| Atlantic Union Bankshares | Banking | External commitments at another bank; no related-party transactions disclosed with CCB |
| WisdomTree, Inc. | Asset management | No CCB related-party transactions disclosed |
| Nymbus | Fintech | No CCB related-party transactions disclosed |
| Central City Concern | Non-profit | No CCB related-party transactions disclosed |
Expertise & Qualifications
- Product development, operations automation, cybersecurity, strategic partnerships, modern analytics; fintech/digital banking sector exposure emphasized by CCB’s governance criteria .
Equity Ownership
| Holder | Total Beneficial Ownership (shares) | Of which Unvested | % of Outstanding | Pledged Shares |
|---|---|---|---|---|
| Rilla R. Delorier | 4,416 | 1,375 RS (unvested) | ~0.029% (4,416 / 15,007,465) | None disclosed (no pledge note in footnotes) |
- Ownership detail: 3,041 shares owned directly; 1,375 unvested restricted stock; “less than 1%” indicated in proxy .
- Hedging/pledging: Company prohibits hedging and speculative trading; generally prohibits pledging with limited exceptions requiring demonstrable repayment capacity .
Governance Assessment
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Strengths:
- Independence and committee roles: Delorier is independent and sits on Audit and Compensation committees—key oversight functions .
- Attendance: Board and committee participation standards met across directors in 2024; signals engagement culture .
- Equity alignment: Meaningful RSA component in director pay; personal share ownership (including unvested RS) aligns interests .
- Risk controls: Formal clawback policy and enforcement; recovery applied following restatements, indicating compliance discipline .
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Watch items / red flags:
- Non-independent board chair: Chair role held by a director with paid legal services relationship (Adams; $971,000 legal fees in 2024), increasing perceived conflict risk despite committee independence .
- Bylaw amendments seeking to remove mandatory retirement age and provide board flexibility to affect director qualifications and terms (subject to constraints); potential entrenchment risk if not balanced by refreshment processes .
- Financial reporting control history: Material corrections and restatements affecting 2023 and interim 2023/2024 periods; while no impact to net income, balance sheet and cash flow impacts signal control remediation needs under Audit Committee oversight .
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Shareholder sentiment:
- Say-on-pay approval ~99% in 2024, indicating broad investor support for compensation framework (executive-focused; directors not included) .
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Compensation benchmarking and oversight:
- Independent compensation consultant (Pearl Meyer) engaged; peer groups span bank peers and BaaS peers—supports pay governance rigor .
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Related-party exposure:
- Legal services with director Adams disclosed and board-approved; no related-party transactions identified for Delorier .
Overall, Delorier’s background in digital banking transformation and risk-aware committee assignments support board effectiveness. Key governance risks lie at the board level (chair independence, bylaw changes) and enterprise control remediation post-restatement—areas where Audit and Compensation committee engagement (including Delorier’s participation) are important signals to monitor .