Joseph Sachetta
About Joseph Sachetta
Independent director since 1994 (31 years of service as of 2025); age 67; founding member and principal of Sachetta, LLC, with credentials as a Certified Public Accountant (CPA) and Certified Financial Planner (CFP). His educational and professional background positions him as the Board’s designated “audit committee financial expert,” with independence affirmed under Nasdaq standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Sachetta, LLC (wealth & tax advisory) | Founding member and principal | Not disclosed | Led tax/financial advisory; expertise leveraged for accounting/tax oversight at ECBK |
External Roles
| Organization | Role | Public Company? | Notes |
|---|---|---|---|
| Sachetta, LLC | Principal | Private | No other public company directorships disclosed in proxy |
Board Governance
- Committee assignments: Audit Committee Chair; Compensation Committee member; Nominating & Corporate Governance Committee member .
- Audit committee financial expert designation; independent under Nasdaq standards .
- Board/committee activity: In 2024, Company board held 12 regular meetings; Audit 18, Compensation 5, Nominating 1; no director attended fewer than 75% of meetings . Directors are encouraged to attend annual meetings; all except one attended the 2024 meeting .
- Board leadership separation maintained (Chair vs. CEO); risk oversight distributed across Audit, Compensation, and Nominating committees .
- Anti-hedging and anti-pledging policy for directors; no exceptions approved by the Board .
Fixed Compensation
| Metric (USD) | FY 2023 | FY 2024 |
|---|---|---|
| Annual Cash Retainer | $50,000 | $50,000 |
| Audit Committee Chair Retainer | $12,000 | $12,000 |
| Compensation/Nominating Chair Fees | $0 (not chair) | $0 (not chair) |
| Meeting Fees | $0 | $0 |
| Total Fees Earned (Joseph) | $62,000 | $62,000 |
| Deferred Fee Plan – Normal Retirement Benefit | $32,500 annual at age 75 | $32,500 annual at age 75 |
- Director Deferred Compensation Plan permits fee deferrals with earnings indexed to top CD rate; Sachetta maintains a deferral account .
- Retiree health/dental coverage noted for other directors (not Sachetta), tied to prior employment; not applicable to him .
Performance Compensation
| Award Type | Grant Date | Quantity | Vesting | Grant-Date Fair Value |
|---|---|---|---|---|
| Restricted Stock (RSUs) | Sep 8, 2023 | 11,664 shares | 20% per year over 5 years, starting Sep 8, 2024 | $137,635 |
| Stock Options | Sep 8, 2023 | 29,160 options (unvested as of 12/31/2023) | 20% per year over 5 years, starting Sep 8, 2024 | $138,218 (Black-Scholes) |
- 2023 Equity Incentive Plan covers employees and non-employee directors; awards predominantly time-based vesting; no director-specific performance metrics attached to equity grants .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Potential Interlocks |
|---|---|---|---|
| None disclosed | — | — | No public company boards/interlocks reported in proxy |
Expertise & Qualifications
- CPA and CFP; founding principal of a wealth and tax advisory firm; brings deep accounting and tax knowledge to the Board .
- Designated audit committee financial expert; supports financial reporting integrity and internal control oversight .
Equity Ownership
| Metric | As of Apr 12, 2024 | As of Mar 27, 2025 |
|---|---|---|
| Beneficial Ownership (shares) | 61,664 | 67,496 |
| Percent of Shares Outstanding | <1% | <1% |
| Unvested Restricted Stock | 11,664 | 9,331 |
| Shares Pledged | None indicated (footnote) | None indicated (footnote) |
- ESOP allocations not listed for Sachetta; included for certain executives only .
Governance Assessment
- Strengths: Long-tenured independent director; Audit Chair and financial expert; strong attendance; robust anti-hedging/anti-pledging and clawback policies underpin governance discipline .
- Alignment: 2023 equity awards (RSUs and options) provide multi-year alignment via vesting; 2024 compensation was cash-only, but prior equity remains unvested (RSUs 9,331 as of 2025), supporting continued ownership alignment .
- Independence/Conflicts: No related-party transactions disclosed for Sachetta; related-party exposures exist elsewhere (CEO family law firm; Director Delory legal services), but not tied to Sachetta .
- Attendance/Engagement: No director fell below 75% attendance in 2024; Board met 12 times; Audit was active (18 meetings), reflecting rigorous oversight under Sachetta’s chairship .
- RED FLAGS: Deferred Fee Continuation Plan benefit ($32,500 annually at age 75) can be viewed as legacy/entrenchment risk if not balanced by equity ownership, though Sachetta maintains unvested RSUs; no hedging/pledging allowed mitigates alignment concerns .
Overall signal: Governance quality for Sachetta is strong—independence, financial expertise, and active committee leadership support investor confidence, with low conflict exposure and ongoing equity alignment through prior grants .