Louise Bonvechio
About Louise Bonvechio
Louise M. Bonvechio is Executive Vice President, Chief Financial Officer and Cashier of Community National Bank, and Corporate Secretary and Treasurer of Community Bancorp. (CMTV). She is 64 and has 32 years with the Bank; credentials include an Associate Degree in Accounting, the New England School of Financial Studies (Babson), ABA Stonier Graduate School of Banking, and a Wharton leadership certificate . Recent company performance during her tenure: Total Shareholder Return (value of initial $100) was $140 (2021), $140 (2022), $141 (2023), and $99 (2024) ; net income was $13,138k (2021), $13,739k (2022), $13,432k (2023), and $14,008k (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Community National Bank | Controller | 2003–2008 | Built core finance processes and controls |
| Community National Bank | Vice President & Cashier | 2004–2008 | Led treasury/cash operations |
| Community National Bank | Senior Vice President | 2011–2019 | Expanded leadership scope ahead of EVP role |
| Community National Bank | Executive Vice President | 2019–present | Executive leadership across finance and operations |
| Community National Bank | Chief Financial Officer | 2008–present | Long-tenured CFO stewardship |
| Community Bancorp. | Treasurer (Executive Officer) | 2008–present | Corporate finance oversight |
| Community Bancorp. & Bank | Corporate Secretary | 2016–present | Governance and disclosure leadership |
External Roles
- No external public company directorships or committee roles for Bonvechio are disclosed in recent proxies .
Fixed Compensation
Multi-year compensation (amounts earned in year shown; paid per plan):
| Metric (USD) | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Salary | $225,000 | $237,500 | $251,125 | $263,625 |
| Non-Equity Incentive Plan (Bonus) | $76,590 | $76,869 | $79,670 | $49,025 |
| All Other Compensation | $53,795 | $60,877 | $64,058 | $72,982 |
| Total | $355,385 | $375,246 | $394,853 | $385,632 |
Key notes:
- Mid-year salary actions: CFO salary increased from $245,000 to $257,250 effective July 1, 2023; further increased to $270,000 mid-2024 .
- All Other Compensation includes 401(k) matching, discretionary profit-sharing, taxable life insurance, and personal use of a bank-owned vehicle; company also covers executive/spouse attendance at certain banking events .
Performance Compensation
Officer Incentive Plan design: Target award 25% of base salary; paid as cash in February following year per short-term deferral under IRC 409A. Metrics and weightings: Return on Average Assets (30%), IDC rating (25%), Board subjective evaluation (20%), Overhead expense/avg assets (15%), Non-performing loans/avg loans (10%) .
Bonus outcomes by metric and year (Actual and multiplier contribution):
| Metric (Weight) | 2021 Actual / Contribution | 2022 Actual / Contribution | 2023 Actual / Contribution | 2024 Actual / Contribution |
|---|---|---|---|---|
| Return on Avg Assets (30%) | 1.45% / 45.00% | 1.43% / 45.00% | 1.36% / 36.00% | 1.21% / 0.00% |
| IDC Rating (25%) | Superior 272 / 30.50% | Superior 262 / 30.50% | Superior 274 / 31.00% | Superior 248 / 24.40% |
| Board Evaluation (20%) | 5.00 / 30.00% | 5.00 / 30.00% | 4.75 / 27.50% | 4.50 / 25.00% |
| Overhead % Avg Assets (15%) | 2.22% / 22.50% | 2.10% / 22.50% | 2.17% / 22.50% | 2.18% / 18.75% |
| NPLs % Avg Loans (10%) | 0.95% / 5.20% | 1.17% / 5.20% | 0.88% / 6.88% | 0.98% / 4.48% |
| Total Multiplier | 133.20% | 125.50% | 123.88% | 72.63% |
| Bonus as % of Salary | 33.30% | 31.375% | 31.375% | 18.158% |
| Vesting/Payment Timing | Paid Feb 2022 | Paid Feb 2023 | Paid Feb 2024 | Paid Feb 2025 |
Plan governance and risk:
- Includes a three-year recoupment provision for restatements (clawback) .
- Company does not grant equity/long-term incentives to executives; compensation is heavily salary-weighted .
Equity Ownership & Alignment
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Beneficial Ownership (shares) | 8,168 | 9,089 | 9,479 | 10,016 |
| Ownership % of Outstanding | 0.15% | 0.16% | 0.17% | 0.18% |
| 401(k) Plan Shares | 7,651 | 8,072 | 8,462 | 8,999 |
| Family Trust Shares | — | — | 1,017 | 1,017 |
| Pledged Shares | None disclosed | None disclosed | None disclosed | None disclosed |
Policies and red flags:
- Insider trading policy prohibits margin accounts and speculative short sales; hedging is not expressly prohibited, and management is unaware of insider hedging activity . No pledging disclosed for Bonvechio; note one director (Marsh) has pledged shares (contextual governance) .
Employment Terms
Change-in-Control (CIC) agreements:
- Double-trigger: severance if terminated without cause or for good reason within 3 years post-CIC; also payable if termination occurs within 120 days prior to CIC after public announcement .
- Severance multiple: 2x highest total annual cash compensation (salary + bonus) in last 3 years, lump sum; excise tax cutback to avoid 280G/4999 taxes .
- Auto-renewing term every 3 years; confidentiality and non-disparagement apply .
Illustrative CIC payout amounts (if terminated at period end):
| Period-end | Amount |
|---|---|
| 2021 | $603,180 |
| 2022 | $628,738 |
| 2023 | $661,590 |
| 2024 | $661,590 |
Other contractual matters:
- No executive ownership guidelines disclosed (director guidelines only) .
- No non-compete, non-solicit, garden leave, or post-termination consulting terms disclosed for Bonvechio .
Investment Implications
- Pay-for-performance linkage remains intact: annual cash bonus targets 25% of salary with multi-factor metrics (ROAA, asset quality, efficiency, IDC rating), but 2024 payout dropped to 18.2% due to weaker ROAA and modest IDC score, signaling disciplined risk posture and lower near-term sell pressure from bonuses .
- Governance and alignment: long CFO tenure, incremental ownership growth to 0.18% of outstanding by 2025 with significant 401(k) exposure; no equity grants, no pledging, and a clawback in place—a conservative compensation structure that reduces overhang risk but limits alignment via performance equity .
- Retention and potential event risk: CIC double-trigger severance of ~$662k creates modest financial incentive stability, but not outsized golden parachute; family relationship with a director (Couture) noted for independence context; one late Section 16 filing in 2023 suggests minor disclosure risk, not systemic .
- Performance context: TSR declined in 2024 ($99 on $100 basis) after strong 2021–2023; net income reached $14,008k in 2024. Watch continued asset quality and efficiency metrics driving future incentives; bonus pool mechanics could reduce short-term selling pressure, while lack of equity programs removes PSU/RSU vesting-driven sales .