Stephen M. Tasselli
About Stephen M. Tasselli
Stephen M. Tasselli, age 70, is an independent director of Muncy Columbia Financial Corporation (Journey Bank) serving since 2021, with more than 30 years of banking experience as a retired senior lender at Jersey Shore State Bank . He is active in local governance and philanthropy, serving as a Bald Eagle Township Supervisor and previously on the Lock Haven University Foundation board (President; Executive Council; Finance Committee) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Jersey Shore State Bank | Senior Lender (retired) | Not disclosed | 30+ years of banking experience valued by the board |
| Lock Haven University Foundation | President; Executive Council; Finance Committee | Not disclosed | Non-profit leadership and finance committee experience |
| Bald Eagle Township | Township Supervisor | Not disclosed | Local governmental experience |
External Roles
| Organization | Role | Tenure | Public/Private/Non-Profit |
|---|---|---|---|
| Bald Eagle Township | Supervisor | Not disclosed | Public (local government) |
| Lock Haven University Foundation | President; Executive Council; Finance Committee | Not disclosed | Non-Profit |
Board Governance
- Independence: The board determined all directors except the CEO (Diehl) and Chairman (Glunk) are independent under Nasdaq rules; Tasselli is independent .
- Board and committee attendance: In 2024, the Company and Journey Bank boards each held 13 meetings; all directors attended at least 75% of the aggregate board+committee meetings and the annual meeting .
- Committee assignments:
- Journey Bank Executive Committee (member; HR/comp oversight) .
- Journey Bank Loan Committee (member; 12 meetings in 2024) .
- Journey Bank ALCO (member; 4 meetings in 2024) .
- Not on the Company Audit Committee (members listed exclude Tasselli) .
- Lead Independent Director: Bonnie M. Tompkins (not Tasselli); chairs the Journey Bank Executive Committee and presides over independent director sessions .
| Committee | Role | 2024 Meetings | Notes |
|---|---|---|---|
| Journey Bank Executive Committee | Member | Not disclosed | Reviews HR and management compensation matters |
| Journey Bank Loan Committee | Member | 12 | Credit oversight; approvals above management limits |
| Journey Bank ALCO | Member | 4 | Asset/liability risk oversight |
| Company Audit Committee | Not a member | 4 | Current members exclude Tasselli |
Fixed Compensation
- Director fee structure:
- 2024: $1,550 monthly retainer; $700 per month board fee; $350 per committee meeting; $450 special meeting fee; $600 per meeting committee chair (Audit Chair $12,000 annually); Lead Independent Director $6,600 annually .
- 2025: $1,612 monthly retainer; $728 per month board fee; $364 per committee meeting; $468 special meeting; $624 per meeting committee chair (Audit Chair $12,480 annually); Chairman’s fee $75,000 annually .
- 2024 total fees received by Tasselli: $36,600; no “All Other Compensation” .
| Component | 2024 | 2025 |
|---|---|---|
| Monthly Retainer | $1,550 | $1,612 |
| Board Fee (per month) | $700 | $728 |
| Committee Meeting Fee (per meeting) | $350 | $364 |
| Special Meeting Fee (per meeting) | $450 | $468 |
| Committee Chair Fee (per meeting) | $600 | $624 |
| Audit Committee Chair (annual) | $12,000 | $12,480 |
| Lead Independent Director (annual) | $6,600 | Not stated separately |
| Chairman’s Fee (annual) | N/A | $75,000 (for Chairman) |
| Director | 2024 Director’s Fees | 2024 All Other Compensation | 2024 Total |
|---|---|---|---|
| Stephen M. Tasselli | $36,600 | — | $36,600 |
Performance Compensation
- No director equity awards (RSUs/PSUs/options) disclosed; director compensation is cash-based with optional deferred fee plans (participants listed do not include Tasselli) .
- Anti-hedging policy for directors and officers is in place (no derivatives/hedging) .
| Performance Element | Status | Notes |
|---|---|---|
| Equity grants (RSUs/PSUs/options) | None disclosed | Director table shows cash fees only |
| Pay-for-performance metrics for directors | Not disclosed | Director compensation not tied to TSR/EBITDA/etc. |
| Deferred fee plan participation | Not listed for Tasselli | Current participants named exclude Tasselli |
Other Directorships & Interlocks
- No current public company directorships disclosed; external roles are local government and non-profit (see External Roles) .
- Audit Committee financial expert is Robert P. Hager, CPA; Tasselli is not on Audit (limits interlock risk there) .
Expertise & Qualifications
- Banking: >30 years experience; retired senior lender (commercial credit, bank operations) .
- Governance & civic: Township Supervisor; non-profit board leadership (President; finance committee) .
Equity Ownership
- No 5%+ holders; director/NXO group owned 9.02% as a whole (Feb 14, 2025) .
- Tasselli beneficial ownership:
- 24,994 shares as of Feb 14, 2025; <1% of outstanding .
- 23,624 shares as of Feb 19, 2024; <1% of outstanding .
- No pledge footnote for Tasselli; anti-hedging policy applies .
| Metric | Feb 19, 2024 | Feb 14, 2025 |
|---|---|---|
| Shares owned (beneficial) | 23,624 | 24,994 |
| Ownership % | <1% | <1% |
| Pledged as collateral | No pledge noted | No pledge noted |
Employment & Contracts
- Director role (not an employee). Transition update: On Nov 12, 2025, Tasselli notified the Board of his intent to resign as a director effective Dec 31, 2025; not due to any disagreement. Effective Jan 1, 2026, he will join the Journey Bank Advisory Board at $25,000 per year through Feb 2027 .
Compensation Committee Analysis
- Executive compensation oversight: Independent directors act as the Committee on Executive Compensation for CEO/Chairman decisions; Tasselli is on the Journey Bank Executive Committee that reviews HR and compensation .
- Consultant use: Herbein HR Consulting provided peer analyses in 2024; L.R. Webber Associates provided analyses in 2023 .
Related-Party Transactions & Conflicts
- Banking relationships and loans to directors are provided in the ordinary course, on substantially the same terms as to other customers, and all such loans complied with Regulation O in 2024; none were non-accrual, past due, or troubled restructurings .
- Transactions with directors or controlled entities outside ordinary services require approval by a majority of disinterested directors; process described to ensure best interest and market terms .
Risk Indicators & Red Flags
- Hedging: Prohibited for directors and officers (anti-hedging policy) .
- Pledging: No pledge footnote for Tasselli; another director has pledged shares, but not Tasselli .
- Legal proceedings/SEC investigations: None disclosed related to Tasselli .
- Governance continuity: Planned resignation Dec 31, 2025 with advisory board appointment indicates orderly transition rather than disagreement .
Governance Assessment
- Strengths: Independent status; active committee participation in credit and ALM oversight; consistent attendance policy adherence; meaningful personal share ownership with no pledge footnote; anti-hedging policy enhances alignment .
- Watch items: Transition from board to advisory role after Dec 31, 2025 reduces direct board capacity; monitor replacement and continuity on Loan/ALCO/Executive Committees .
- Compensation alignment: Cash-only director pay without equity suggests limited long-term market-linked incentives; however, personal share ownership provides alignment; no director performance equity metrics disclosed .