Gregory A. McConnell
About Gregory A. McConnell
Independent director of ChoiceOne Financial Services (COFS). Age 63. Appointed to the boards of ChoiceOne Financial Services and ChoiceOne Bank on October 1, 2019, following the merger of County Bank Corp. into ChoiceOne. Retired State Farm Insurance Agent (retired 2017). Holds a bachelor’s degree from Ferris State University. Recognized for extensive business and insurance experience and more than 30 years as an outside bank director and former community bank chairman, qualifying him to continue serving as a director .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| County Bank Corp. (parent of Lakestone Bank & Trust) | Director | Since 2016 (pre-merger) | Outside bank director experience; merged into ChoiceOne in 2019 |
| Capac Bancorp Inc. (parent of CSB Bank) | Chairman | Starting in 1992 | Former community bank chairman; long-tenured governance experience |
| State Farm Insurance | Agent | Retired 2017 | Insurance sector expertise |
| Capac Downtown Development Authority | Chairman (former) | Not disclosed | Local economic development role |
| St. Clair County (RESA School Board; Central Dispatch; Emergency Management; County Commissioner) | Board/Commission Member | Not disclosed | Local public-sector governance and emergency management exposure |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Capac Auto Sales, Inc. | Partner | Not disclosed | Private business interest |
| G & K2, LLC | Partner | Not disclosed | Private business interest |
Board Governance
| Item | Detail | Evidence |
|---|---|---|
| Independence status | Independent director (as of 12/31/2024; confirmed March 1, 2025 board composition) | |
| Board tenure at COFS | Appointed Oct 1, 2019 (merger close) | |
| Committee assignments | Audit Committee member | |
| Committee chair roles | None disclosed (Audit Chair is Roxanne M. Page) | |
| Audit Committee meetings (2024) | 4 meetings | |
| Governance & Nominating meetings (2024) | 3 meetings | |
| Personnel & Benefits (Compensation) meetings (2024) | 5 meetings | |
| Risk Committee meetings (2024) | 4 meetings | |
| Board meetings & attendance (2024) | 12 regular + 1 special; all directors attended ≥75% of board and committee meetings on which they served; all directors attended the 2024 annual meeting | |
| Board leadership | Independent Chairman of the Board structure | |
| Director retirement policy | Mandatory retirement at age 70 |
The Audit Committee and all standing committees are composed of independent directors per SEC/Nasdaq; McConnell serves on Audit but is not designated the audit committee financial expert (designation assigned to Roxanne M. Page) .
Fixed Compensation
| Year | Fees Earned or Paid in Cash (USD) | Stock Awards (USD) | Total (USD) |
|---|---|---|---|
| 2024 | $40,500 | $20,000 | $60,500 |
- Standard non-employee director package in 2024: annual cash retainer $39,000 and $20,000 in stock awards; additional cash for Board Chair ($10,000) and specific committee chair roles (Audit $2,500; Personnel & Compensation $1,500; Risk $1,500; Governance & Nominating $1,500). Bank-level committee chair fees: Loan $2,500; Wealth Management $1,500; IT $1,500 .
- Directors can elect to receive 25%, 50%, 75%, or 100% of their cash fees in ChoiceOne stock via the Directors’ Stock Purchase Plan; in 2024 several directors elected stock, but McConnell is not listed among those electing 100% stock conversion in footnote (suggesting he took cash fees as shown) .
Performance Compensation
| Component | Performance Metrics Tied | Vesting/Terms | Notes |
|---|---|---|---|
| Director Stock Awards (annual) | None disclosed for directors | Not specified in proxy | Annual stock awards of $20,000; director compensation is not performance-based |
| Directors’ Stock Purchase Plan (fee conversion) | None (elective fee-for-stock conversion) | Shares issued based on market value at month-end preceding purchase date | Mechanism to increase equity alignment via elective stock in lieu of cash fees |
No PSUs, options, or performance metric-based director pay disclosed for McConnell; director equity is time-based/annual and elective via stock purchase plan .
Other Directorships & Interlocks
| Company/Institution | Public Company? | Role | Potential Interlock/Conflict |
|---|---|---|---|
| County Bank Corp. | Not clearly stated as public in proxy | Director | Pre-merger director role at another banking entity; merged into COFS in 2019 |
| Capac Bancorp Inc. | Not clearly stated as public in proxy | Chairman | Prior role at local bank holding company; no current interlocks disclosed |
| Local government boards (St. Clair County) | N/A | Various roles | Public-sector governance; no competitive interlock indicated |
| Private entities (Capac Auto Sales, Inc.; G & K2, LLC) | Private | Partner | Possible ordinary-course banking relationships; addressed under related-party policy |
Expertise & Qualifications
- More than 30 years as an outside bank director and former community bank chairman .
- Business/insurance operating background; retired State Farm agent; bachelor’s from Ferris State University .
- Active Audit Committee member; audit committee financial expert designation assigned to another member (Roxanne M. Page) .
- Independence affirmed by Board per SEC/Nasdaq rules .
Equity Ownership
| Measure (as of March 14, 2025) | Amount | Evidence |
|---|---|---|
| Sole voting/dispositive power | 0 | |
| Shared voting/dispositive power | 33,451 | |
| Shares underlying unexercised options | 0 | |
| Total beneficial ownership | 33,451 | |
| Percent of class | <1% (“*”) | |
| Director stock ownership guideline | 5,000 shares minimum; compliance required within 5 years | |
| Compliance status | All non-employee directors in compliance (includes McConnell) | |
| Anti-hedging/pledging policy | Hedging prohibited; pledging generally prohibited except limited exception for FDIC-insured loans on market terms | |
| Pledged shares disclosure | No pledge disclosed for McConnell; pledge disclosure noted for another director (Burrough) |
Insider Trades (Form 4)
| Trade Date | Action | Shares | Price | Post-Transaction Direct Holdings | Source |
|---|---|---|---|---|---|
| 2024-07-25 | Open-market purchase (P) | 4,000 | $25.00 | 33,149 | |
| 2025-07-01 | Open-market purchase (P) | 239 | $28.70 | 33,929 |
Recent insider buying supports alignment; no derivative holdings reported in these filings .
Governance Assessment
- Strengths:
- Independence and audit committee membership; board committees composed entirely of independent directors .
- Robust governance policies: anti-hedging/limited pledging, mandatory retirement at 70, independent board chair structure, adoption of SEC/Nasdaq-compliant clawback policy .
- Attendance: all directors ≥75% of meetings and attended the annual meeting, indicating engagement .
- Ownership alignment: exceeds 5,000-share guideline; additional elective mechanisms to convert fees into stock increase potential alignment . Insider purchases in 2024–2025 further reinforce alignment .
- Watch items / potential conflicts:
- Private business interests (Capac Auto Sales, Inc.; G & K2, LLC) could involve ordinary-course banking relationships; however, related-party transactions are reviewed by the Audit Committee and disclosed as ordinary-course with market terms, no defaults . No specific related-party transactions for McConnell are identified.
- Not designated the audit committee financial expert; relies on broader committee expertise and designated expert (Page) .
- Signals for investor confidence:
- Consistent independent oversight and committee structures; clear attendance disclosures; strong anti-hedging and clawback policies (positive governance signals) .
- Continued insider purchases suggest confidence and skin-in-the-game .
Related Policies and Shareholder Engagement
- Say-on-pay frequency: Board recommends annual say-on-pay; Personnel & Benefits Committee composed entirely of independent directors .
- Auditor ratification: Audit Committee and Board recommend ratifying Plante & Moran, PLLC for FY2025 .
Overall, McConnell presents as an independent, engaged director with long banking oversight experience and increasing personal share ownership. No material conflicts or related-party issues are identified beyond ordinary-course relationships subject to Audit Committee review .