Eric (Rick) E. Burrough
About Eric (Rick) E. Burrough
Independent director of ChoiceOne Financial Services, Inc. since October 1, 2019, previously a director at County Bank Corp. since 2009; age 60. Owner and President of Web Press of Michigan, Inc. (since 1990) and founder of JAMS Media, LLC (since 2003), with multiple additional private business interests in Michigan; recognized for community leadership including roles at McLaren Lapeer Region and its Foundation. Determined independent by the Board under SEC and Nasdaq rules; subject to COFS’ mandatory director retirement at age 70 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| County Bank Corp. (parent of Lakestone Bank & Trust) | Director | 2009–2019 | Outside bank director experience cited as qualification |
| Web Press of Michigan, Inc. | Owner & President | 1990–present | Commercial printing operations; business leadership |
| JAMS Media, LLC | Founder, Owner & President | 2003–present | Publishes 22 community papers (2025 proxy); 19 in 2024 proxy |
| INV Limited; Huron Holdings of Lapeer, Inc. | Sole owner | Not disclosed | Business leadership |
| AB Lapeer Properties, LLC; DRD Wildcherry, LLC; R&R Bedding, LLC; Metamora 8, LLC; Metamora 8 Properties, LLC; Sun Devil Property Management, LLC; Blue Horseshoe Properties, LLC | Partner | Not disclosed | Multiple ventures; community presence |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| McLaren Lapeer Region | Trustee | Current | Also trustee of McLaren Lapeer Region Foundation |
| Lapeer Development Corporation | Director | Current (2024 proxy) | Community economic development |
| Lapeer County Community Foundation | Director Emeritus | Current (2024 proxy) | Community philanthropy |
| Lapeer Optimist Club | Member | Current | Community service |
Board Governance
- Independence: Identified as independent director (2024 and 2025) under SEC/Nasdaq rules .
- Committees: Governance & Nominating member (Chair: Jack G. Hendon); Personnel & Benefits member (Chair: Harold J. Burns). Not listed on Audit or Risk Committees .
- Committee composition evolution: Governance & Nominating included Armock, Burns, Burrough, Page (2024); added Petty by 2025. Personnel & Benefits included Burns, Burrough, Hendon, McGinnis, Page, Wendling (2024); added Hicks by 2025 .
- Board leadership: Board chaired by independent director Jack G. Hendon .
- Attendance: Board met 12 times plus one special meeting in 2024; all directors attended ≥75% of Board/committee meetings and all attended the 2024 annual meeting .
- Policies: Anti-hedging/pledging policy restricts hedging and generally prohibits pledging, with limited exception for loans from FDIC-insured banks on market terms; incentive-based compensation recoupment policy adopted under SEC Rule 10D-1; insider trading policy with pre-clearance/blackouts for Covered Persons .
Fixed Compensation
| Year | Cash Retainer (Fees Earned) | Stock Awards | Total |
|---|---|---|---|
| 2023 | $34,000 | $10,000 | $44,000 |
| 2024 | $39,000 | $20,000 | $59,000 |
- Program terms: 2023 non-employee director package $34,000 cash + $10,000 stock; 2024 increased to $39,000 cash + $20,000 stock; additional fees only for chairs (he is not a chair) .
- Equity election: Burrough elected to receive 100% of 2023 and 2024 director fees in COFS stock via the Directors Stock Purchase Plan, increasing equity alignment .
Performance Compensation
- No performance-based pay disclosed for directors; compensation comprises retainers, chair fees (if applicable), and fixed-value stock awards; no options, bonuses, or metrics tied to director compensation are reported .
Other Directorships & Interlocks
| Category | Entity | Role | Potential Interlock/Notes |
|---|---|---|---|
| Public company boards | None disclosed | — | No other public company directorships disclosed in biographies |
| Private/non-profit | McLaren Lapeer Region/ Foundation | Trustee | Healthcare non-profit governance; informational network, not a COFS competitor |
| Private/non-profit | Lapeer Development Corporation | Director | Local development; potential banking relationship context |
| Civic | Lapeer Optimist Club | Member | Civic involvement |
Expertise & Qualifications
- Extensive outside bank director experience (County Bank Corp. since 2009) and small-business ownership across printing and local media; considered qualified for service due to business experience and community leadership .
- Brings community-centric perspective rooted in Lapeer region leadership and multiple entrepreneurial ventures .
Equity Ownership
| As-of Date | Total Beneficial Ownership (Shares) | % of Class | Shares Pledged |
|---|---|---|---|
| 12/31/2023 | 142,904 | 1.89% | 128,260 |
| 03/14/2025 | 168,102 | 1.12% | 144,260 |
- Ownership guidelines: Non-employee directors expected to own ≥5,000 shares; all in compliance. Burrough substantially exceeds guideline .
- Anti-pledging context: Shares may be pledged only under narrow conditions; Burrough’s pledged shares are noted (FDIC-insured lenders, ordinary course terms) .
Governance Assessment
- Strengths: Independent director with long banking oversight experience; high equity alignment via 100% fee-to-stock elections in 2023/2024 and significant beneficial ownership; consistent Board/committee engagement and attendance; participation on Governance & Nominating and Personnel & Benefits enhances oversight over board composition and executive pay .
- Risks/RED FLAGS: Significant share pledging (144,260 shares as of Mar-2025; 128,260 as of Dec-2023) introduces potential forced-sale risk if collateral calls occur, even though permitted by policy; extensive private business interests could create related-party or customer exposure with the bank, mitigated by audit/related-party review and ordinary-course lending standards .
- Alignment: Exceeds ownership guideline and has shifted compensation mix toward equity (fees elected as stock), supporting investor alignment; no disclosed hedging and subject to strict insider trading and recoupment policies .
Notes on related-party safeguards: Transactions with directors/families conducted on market terms; Audit Committee oversees and must pre-approve related-person transactions (Item 404) .