Marisa J. Harney
About Marisa J. Harney
Marisa J. Harney, age 67, is an independent director of Eastern Bankshares, Inc. and Eastern Bank, serving since October 2023 . She brings 42 years of banking and risk leadership, including Chief Credit Officer roles at First Citizens BancShares and CIT Group, and senior risk positions at GE Capital Americas, Bank of America, Credit Suisse First Boston, JPMorgan Chase, and Bankers Trust . She holds an MBA from NYU Stern and a bachelor’s degree in finance from Fordham University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| First Citizens BancShares, Inc. | EVP & Chief Credit Officer | Jan 2022–Mar 2023 | Led enterprise credit risk management through large-bank supervision transition |
| CIT Group Inc. / CIT Bank, N.A. | EVP & Chief Credit Officer; prior Chief Credit Officer | 2018–Jan 2022 | Enterprise credit risk leadership before merger into First Citizens |
| GE Capital Americas | Chief Risk Officer | Not disclosed | Oversight of enterprise risk |
| Bank of America (Americas) | Head of Corporate Credit Risk | Not disclosed | Corporate credit risk leadership |
| Credit Suisse First Boston; JPMorgan Chase; Bankers Trust | Senior credit risk positions | Not disclosed | Senior risk roles across major banks |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| None disclosed | — | — | No other public company directorships disclosed in EBC proxy |
Board Governance
- Committee memberships: Audit Committee member; Risk Management Committee member .
- Chair roles: None (Audit Chair is Peter K. Markell; Risk Chair is Luis A. Borgen) .
- Independence: Board determined Harney is independent under Nasdaq rules; she meets enhanced independence standards for Audit Committee members under company policies .
- Attendance: Each director attended over 75% of Board and committee meetings in 2024; all directors attended the 2024 annual meeting .
- Board structure: Lead Independent Director is Deborah C. Jackson; committees have posted charters and operate under governance guidelines including clawbacks and stock ownership policies .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual Board retainer (cash) | $55,000 | Standard retainer for non-chair directors |
| Committee member fees (cash) | $5,000–$10,000 | Per committee; ranges per EBC policy |
| Per-meeting/special fees (cash) | Not itemized | Paid for additional meetings (varies) |
| Equity grant (restricted stock) | $64,993 | Grant date fair value; granted May 13, 2024 |
| Total fees earned (cash) | $83,000 | Harney’s 2024 fees earned |
| All other compensation | $0 | No dividends or matching gifts recorded for Harney in 2024 |
| 2024 total (cash + equity) | $147,993 | Sum of fees and stock award |
Performance Compensation
| Instrument | Grant date | Vesting | Grant value |
|---|---|---|---|
| Restricted Stock (Director grant) | May 13, 2024 | Time-based, per director program | $64,993 |
- EBC director equity is restricted stock; no performance-conditioned metrics (PSUs) are used for director compensation; values are based on grant-date closing price multiplied by shares granted .
Other Directorships & Interlocks
| Category | Status | Notes |
|---|---|---|
| Current public company boards | None disclosed | No other boards listed for Harney in EBC proxy |
| Related party transactions | None requiring disclosure | Company reports no disclosable related party transactions since FY2024 start; ordinary-course banking relationships with certain directors existed on market terms |
Expertise & Qualifications
- Risk and credit leadership: Chief Credit Officer roles at First Citizens and CIT; CRO at GE Capital Americas; corporate credit risk leadership at Bank of America .
- Education: MBA, NYU Stern; BS in Finance, Fordham University .
- Board qualification: Banking and risk management expertise cited by EBC Board in nominating Harney .
Equity Ownership
| Holder | Shares Beneficially Owned | Nature | % of Outstanding |
|---|---|---|---|
| Marisa J. Harney | 4,696 | Restricted stock subject to vesting | <1% |
- Director stock ownership guidelines: Non-employee directors must hold five times the value of their cash retainer; compliance evaluated annually; as of Jan 1, 2025 all non-employee directors met or were on track to meet guidelines within the required period .
- Hedging/pledging: Directors are prohibited from hedging or pledging EBC stock under the Insider Trading Policy .
Insider Trades
| Item | Status | Notes |
|---|---|---|
| Section 16(a) filings | Compliant | Company states all directors/officers complied timely with Section 16(a) in 2024 |
| Form 4 transactions (Harney) | Not disclosed in proxy | Proxy provides beneficial ownership; no Form 4 details are included |
Governance Assessment
- Board effectiveness: Harney’s deep credit and risk background aligns with her Audit and Risk Management Committee assignments, enhancing oversight of financial reporting, internal controls, and enterprise risk frameworks .
- Independence and engagement: Independent status with enhanced audit independence standards; attendance above 75% in 2024 supports active engagement .
- Alignment: Director pay combines cash retainer/fees with time-based restricted stock (~$65k in 2024), plus robust stock ownership guidelines and anti-hedging/pledging rules, supporting shareholder alignment .
- Conflicts: No related-party transactions requiring disclosure; any director/customer loans were ordinary course and on market terms, mitigating conflict risk .
- Shareholder signals: Say-on-pay support was 85.5% in 2024, indicating broad investor acceptance of EBC’s pay practices and governance oversight framework (context for overall governance climate) .
RED FLAGS: None disclosed for Harney—no related party transactions, hedging/pledging prohibited, attendance threshold met, and independence affirmed .