Brandon N. Lavertu
About Brandon N. Lavertu
Executive Vice President and Chief Financial Officer of ECB Bancorp, Inc. and Everett Co‑operative Bank since July 17, 2024; previously Senior Vice President and Chief Accounting Officer of the Company (since March 2022) and the Bank (since December 2021). He is a Certified Public Accountant registered in Massachusetts; prior roles include Controller at Cambridge Savings Bank (Aug 2019–Dec 2021), head of finance and accounting at Belmont Savings Bank (Feb 2015–Aug 2019), and Manager at Ernst & Young serving financial institution clients. Age 43 (as of Dec 31, 2024) . Company performance context during his tenure includes continued balance sheet growth and low problem assets (see indicators below) .
Company performance indicators
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Total loans (gross, $000s) | 1,048,606 | 1,145,835 |
| Total deposits ($000s) | 868,214 | 998,533 |
| Non‑performing loans / total loans | 0.12% | 0.17% |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| ECB Bancorp, Inc. / Everett Co‑operative Bank | EVP & CFO; Principal Financial & Accounting Officer | Appointed Jul 17, 2024 | Elevated internal finance leader to CFO; continuity in accounting leadership |
| ECB Bancorp, Inc. | SVP & Chief Accounting Officer | Mar 2022–Jul 2024 | Built public company reporting post‑conversion; led accounting control environment |
| Everett Co‑operative Bank | SVP & Chief Accounting Officer | Dec 2021–Jul 2024 | Bank‑level accounting leadership through growth phase |
| Cambridge Savings Bank | First VP & Controller | Aug 2019–Dec 2021 | Controller for mid‑sized bank; controllership and reporting |
| Belmont Savings Bank | SVP; Head of Finance & Accounting | Feb 2015–Aug 2019 | Led finance/accounting; supported lending growth platform |
| Ernst & Young LLP | Manager (Financial Institutions) | Prior to 2015 | Public audit and advisory for banks; technical accounting depth |
Fixed Compensation
- Mr. Lavertu was appointed CFO on July 17, 2024; no new employment agreement or grant was made in connection with the appointment, and “no material plan, contract or arrangement” was entered into or amended at that time .
- He was not listed as a named executive officer in the FY2024 proxy Summary Compensation Table (NEOs were CEO O’Neil, COO Citrano, CLO Migliozzi), so base salary, target bonus %, and 2024 bonus paid were not individually disclosed for him .
Performance Compensation
Annual Incentive Plan (AIP) structure (company‑wide framework applied for 2024)
| Metric | Weighting | Target | Actual | Payout factor/notes |
|---|---|---|---|---|
| Pre‑provision net revenue | 30% | Not disclosed | Not disclosed | Aggregate AIP pool funded at 140% of target for 2024 based on these metrics |
| Net charge‑offs | 15% | Not disclosed | Not disclosed | See above |
| Efficiency ratio | 15% | Not disclosed | Not disclosed | See above |
| Loan growth | 20% | Not disclosed | Not disclosed | See above |
| Strategic initiatives | 20% | Not disclosed | Not disclosed | See above |
Notes:
- 2024 AIP pool was funded between 0–150% of target; actual funding was 140% for 2024 .
- Individual AIP opportunities disclosed for CEO/COO/CLO were 35%/30%/30% of salary at target in 2024; Mr. Lavertu’s individual target was not disclosed .
Equity incentives and vesting framework
- 2023 Equity Incentive Plan permits RSAs, RSUs, ISOs and NSOs; 2023 awards vest 20% per year over five years (with acceleration on death, permanent disability, or termination in connection with a change in control) .
- The 2024 proxy/2025 proxy do not disclose any specific equity grants to Mr. Lavertu; no new grants were made at his CFO appointment .
Equity Ownership & Alignment
- Beneficial ownership: Mr. Lavertu is not individually listed in the beneficial ownership table; directors/NEOs are itemized and “All directors and executive officers as a group (10 persons)” held 815,277 shares (9.0%) as of March 27, 2025. Individual holdings for Mr. Lavertu were not disclosed .
- Anti‑hedging and pledging: Directors and executive officers are prohibited from hedging Company stock; pledging is generally prohibited, with any exception requiring Board approval. The Board has not approved any pledging exceptions .
- Clawback: The Company maintains a SEC‑Rule‑10D‑1‑compliant policy requiring recoupment of erroneously awarded incentive‑based compensation in the event of a restatement; no indemnification or reimbursement for such losses is permitted .
Employment Terms
Change‑in‑Control (CIC) Agreement (executed Dec 21, 2022; unchanged upon CFO appointment)
| Term | Details |
|---|---|
| Trigger | Involuntary termination without cause, or resignation for “good reason,” within 24 months following a change in control of the Company |
| Cash severance | 2x the sum of base salary + average cash bonus for the preceding 3 years, payable in a lump sum |
| Health benefits | Continued coverage up to 18 months, or lump‑sum cash equal to COBRA cost if coverage unavailable |
| Other | No new/amended arrangements made on CFO appointment |
Non‑Qualified Deferred Compensation Plan (adopted for Mr. Lavertu on Feb 19, 2025)
| Feature | Terms |
|---|---|
| Employer contributions | Bank may contribute annually; intended level is 10% of base salary + cash bonus (if made) |
| Crediting rate | Interest credited annually at a rate benchmarked to the 10‑year Treasury as of Dec 1 of prior year |
| Vesting | 0% <4 yrs; 20% at 4 yrs; 40% at 5; 60% at 6; 80% at 7; 100% at 8+; 100% on death, disability, or CIC; Bank may accelerate vesting consistent with 409A |
| Payout timing | If separation before age 65, payments over 10 years beginning the month after attaining 65; if separation at/after 65, 10‑year payments begin the month after separation |
| CIC/death payouts | Lump sum within 30 days if separation within 6 months post‑CIC; death benefit lump sum to beneficiary within 30 days |
| 409A | Six‑month delay may apply to comply with Section 409A |
Policies applicable to Mr. Lavertu
- Insider trading policy filed as Exhibit 19 to 2024 Form 10‑K; anti‑hedging and anti‑pledging restrictions summarized above .
- Clawback policy summarized above .
- As an Emerging Growth Company, ECB is exempt from certain say‑on‑pay requirements, reducing near‑term shareholder advisory votes on executive compensation structure .
Risk Indicators and Governance Notes
- Section 16(a) compliance: FY2024 proxy notes one late Form 4 by director Paul A. Delory; no delinquencies were identified for executive officers broadly, and none were attributed to Mr. Lavertu .
- Related‑party transactions disclosed relate to CEO and director law firm arrangements; none involving Mr. Lavertu were reported .
Investment Implications
- Retention/incentive alignment: The newly adopted deferred compensation plan for Mr. Lavertu is back‑weighted (8‑year vesting to 100%) with full vesting upon death/disability/CIC, which strengthens medium‑term retention while guarding against misalignment via the clawback policy .
- Pay‑for‑performance linkage: The AIP metrics (PPNR, credit quality, efficiency, loan growth, strategic initiatives) are core banking value drivers; 2024 pool funding at 140% indicates above‑target performance against these metrics, aligning management incentives with shareholder value creation and prudent risk .
- Selling pressure risk: Anti‑hedging/pledging rules and the absence of disclosed individual equity grants to Mr. Lavertu reduce near‑term forced‑sale risk; any equity awards under the 2023 plan would vest 20% annually, which typically spreads liquidity events over multiple years .
- Execution risk: As a career bank finance leader and CPA with controllership and audit backgrounds, Mr. Lavertu’s profile favors disciplined financial reporting, CECL credit governance, and balance sheet optimization—key for sustaining growth in commercial/multifamily while maintaining low non‑performers (0.17% NPL ratio at FY2024) .
Sources: Appointment and CIC terms ; Deferred Comp Plan ; AIP structure and 2024 funding ; Equity Plan features ; Anti‑hedging/pledging and clawback policies ; FY2024 ownership and governance disclosures ; Company performance and balance sheet metrics ; Emerging Growth Company status and say‑on‑pay exemptions .