Tammy L. Gunsallus
Senior Executive Vice President of Retail, Operations and Mortgages at MUNCY COLUMBIA FINANCIAL
Executive
About Tammy L. Gunsallus
Tammy L. Gunsallus, 61, is Senior Executive Vice President of Retail, Operations and Mortgages at Journey Bank (subsidiary of CCFN) since November 2023; she previously served as Chief Retail Officer at Muncy Bank and Trust Company (2016–2023) and spent 1982–2016 at another central Pennsylvania community bank, culminating as Chief Retail Officer. She is a graduate of the Pennsylvania Bankers Association School of Banking, Advanced School of Banking, and Commercial Lending School . During her tenure period, company Total Shareholder Return recovered from 2023 to 2024 and net income rose to $19.0 million in 2024 from $3.4 million in 2023, reflecting post-merger scale and higher net interest income .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Journey Bank | Senior Executive Vice President, Retail, Operations & Mortgages | Nov 2023–present | Senior leadership in retail and operations post-merger |
| Muncy Bank and Trust Company | Chief Retail Officer | Dec 2016–Nov 2023 | Led retail banking functions |
| Central PA community bank (unnamed) | Various roles; final position Chief Retail Officer | Sep 1982–Dec 2016 | Progressive leadership across retail, lending, operations |
External Roles
| Organization | Role | Years |
|---|---|---|
| Jersey Shore Library Endowment | Treasurer | Current |
| Pennsylvania Bankers Public Affairs Committee | Board Member | Current |
| Jersey Shore YMCA | Past President | Prior |
| Jersey Shore Chamber of Commerce | Past Chairman | Prior |
| YWCA of Northcentral PA | Past Board Member; 2016 Women of Excellence nominee | Prior/2016 |
| PA Bankers Women in Banking | Recognition of Excellence nominee | 2020 |
Fixed Compensation
- Individual compensation (salary, bonus) for Tammy is not disclosed in CCFN proxy filings; the company’s program for senior executives consists of salary, annual bonus, and 401(k) contributions, with independent directors acting as the Committee on Executive Compensation and using peer analyses (Herbein HR Consulting) .
- Employment agreements disclosed for Diehl, Glunk, and Arnold note “the Company does not currently have any stock based incentive plans,” implying no RSUs/PSUs available at the corporate level during the period .
Performance Compensation
- Specific performance metrics, weights, and payouts tied to Tammy’s bonuses are not disclosed. Company states bonuses link pay to success of the Company and executive performance; no stock-based incentive plans are currently in place .
Equity Ownership & Alignment
- Individual beneficial ownership for Tammy is not reported in CCFN’s share ownership tables (which cover directors and named executive officers) .
- Insider activity reference: No reported Form 4 insider transactions by Tammy over the past 18 months; insider roster pages list her as SEVP Retail/Ops/Mortgage (third-party aggregation) .
- Employee Stock Purchase Plan (ESPP): Employees may contribute 1–10% of base pay, purchase price is 90% of the lower of fair market value on offering or purchase date; maximum authorized shares 100,000. Shares are credited in book-entry and dividends reinvested; participants can change deductions and withdraw under specified rules .
- Split Dollar Life Insurance Plan (for selected executives): Bank-owned policies; death benefit equals lesser of percentage-based benefits or net death proceeds; vesting on earliest of age 65 and 5 years participation, age+service=70 and 5 years participation, disability, change in control, or Board determination; max benefit $900,000; forfeiture on cause, regulatory removal, suicide within two years, or covenant violations .
Split Dollar Life Insurance Plan key benefit terms:
| Scenario | Benefit Formula | Cap | Vesting/Trigger |
|---|---|---|---|
| Death prior to separation from service | Lesser of 350% of base annual salary − $50,000 OR net death proceeds | $900,000 | Vesting date defined; includes change in control |
| Death after separation from service (post-vesting) | Lesser of 200% of base annual salary OR net death proceeds | $900,000 | Must have reached Vesting Date |
| Death after separation pre-vesting | No benefit | n/a | Not vested |
| Vesting Date definition | Earliest of age 65 with 5 years participation; age+service=70 with 5 years participation; disability; change in control; Board determination | n/a | Plan definitions |
- Pledging: Company-level disclosure notes one director’s pledged shares; no pledging disclosures for Tammy .
Employment Terms
- No individual employment agreement for Tammy disclosed; agreements described for Diehl, Glunk, Arnold include cash compensation, potential annual bonuses, benefits, and explicitly note absence of stock-based incentive plans at Company level during the period .
Performance & Track Record
Company performance context during Tammy’s tenure period:
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Value of $100 Investment (TSR) | $95.24 | $74.55 | $90.20 |
| Net Income ($USD Thousands) | $9,514 | $3,387 | $19,023 |
- Management commentary highlights 2024 net interest income growth (+$27.2m YoY) and merger-related expenses normalizing, driving higher returns on assets and equity .
Compensation Committee Analysis
- Independent directors act as the Committee on Executive Compensation; peer benchmarking provided by Herbein HR Consulting for salary ranges and bonuses; Committee met once in 2024 to review named executive performance and compensation .
Investment Implications
- Alignment: Absence of stock-based incentive plans reduces direct equity alignment for senior executives (including Tammy); ESPP provides broad-based ownership but typically modest exposure .
- Retention: Split Dollar Life Insurance Plan with vesting triggers (including change-in-control) and forfeiture covenants is a retention mechanism for selected executives; however, Tammy’s participation is not disclosed, limiting confidence in retention economics for her specifically .
- Selling pressure: Lack of reported Form 4 activity by Tammy suggests low immediate insider selling pressure; broader insider net purchases over recent periods provide a constructive signal, albeit based on third-party aggregation and not specific to Tammy .
- Execution risk: Operational leadership across retail/operations during post-merger integration aligns with areas where efficiency gains and customer retention can drive NIM and fee income; company-level returns improved in 2024, but TSR remains below 2022 levels, indicating market caution amidst rate/cycle dynamics .