Cindy Cake
About Cindy Cake
Cindy L. Cake is ENB Financial Corp’s Executive Vice President and Chief Human Resource Officer, serving since August 2019; she holds an MBA and a PHR license and is 41 years old as of the March 11, 2025 proxy record date . During her tenure, ENB’s net income increased 23.8% year over year in 2024, and the company’s total shareholder return (TSR) value of a fixed $100 investment rose to 121.29 in 2024 (from 96.44 in 2023) . She interfaces directly with the Compensation Committee to provide information necessary for executive pay analysis and policy decisions, indicating a role central to performance-linked compensation design .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ENB Financial Corp (Ephrata National Bank) | EVP, Chief Human Resource Officer | Aug 2019–Present | Provides compensation and performance appraisal inputs to the Compensation Committee; supports enterprise-wide AIP/SIP incentive plan administration |
| Various major firms | Human Resource Executive | Not disclosed | Prior experience as an HR executive (details not provided in proxy) |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Good Samaritan Services | Board Member | Ongoing (as of 2025 record date) | Community involvement role cited in proxy executive biography |
Company Performance During Her Tenure
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Income ($USD) | $14,631,000 | $12,375,000 | $15,317,000 |
| TSR – Value of Fixed $100 Investment ($) | 76.87 | 96.44 | 121.29 |
Fixed Compensation
- Cindy Cake is not listed as a Named Executive Officer (NEO) in the Summary Compensation Table; specific base salary, target bonus, and stock awards for her are not disclosed in the 2025 proxy .
- ENB’s Compensation Committee oversees base salaries, incentive plans, and benefits; the CHRO meets with the Committee to provide analytical input on executive compensation .
Performance Compensation
| Plan | Eligibility | Metrics | 2024 Accrued / Paid | Notes |
|---|---|---|---|---|
| Annual Incentive Plan (AIP) | All eligible employees (except those moved to SIP) | Corporate performance and personal performance vs pre-established metrics | Accrued: $2,253,700; Paid: $2,234,425 (paid March 2025) | Implemented Jan 1, 2022 |
| Sales Incentive Plan (SIP) | Revenue organization employees (from Jan 1, 2024) | Corporate performance and individual sales metrics | Included in total AIP/SIP accruals/payments noted above | SIP eligibility removes AIP eligibility |
No weightings, targets, or individual payouts for Cindy are disclosed; AIP/SIP operate with bank-level and personal goals documentation provided to each participant .
Equity Ownership & Alignment
- Anti-Hedging/Pledging: ENB prohibits directors and executive officers from engaging in transactions that hedge or offset decreases in ENB securities or limit upside participation, indicating alignment expectations and a ban on pledging .
- Beneficial Ownership (Group): Directors, nominees, and executive officers as a group (17 persons) beneficially owned 133,099 shares (2.35% of outstanding) as of March 11, 2025; this total includes 23,196 shares beneficially held by Ms. Bitner, Cake and Miller, and Mr. Klein (individual breakdowns for Cake are not disclosed) .
- Insider Selling Pressure: A late Section 16 Form 4 was filed October 7, 2024 to report Cindy L. Cake’s sale of 416 shares on August 22, 2024; the small transaction size suggests limited direct selling pressure .
Employment Terms
- Employment Agreements: ENB maintains employment agreements for certain executive officers designed to improve retention, with customary payments upon termination for various reasons .
- Change-in-Control Economics: If an executive experiences involuntary separation without cause within two years post-change-in-control, the agreement provides a multiple of base salary and continuation of life, disability, medical, and other health and welfare benefits for two years (general policy; the 2024 proxy notes one executive had a one-year term) .
- Non-Compete (example terms): An April 2025 8-K illustrated standard executive covenants (for CRO Kitsch), including a two-year non-compete and non-solicit in a 25-mile radius or contiguous counties; unvested RSUs are forfeited if non-compete is violated, and RSUs vest 33 1/3% per anniversary in that agreement .
The proxy/8-K documents do not explicitly disclose Cindy Cake’s individual agreement terms; references above reflect ENB’s general executive agreement framework and specific disclosed examples for other executives .
Governance and Shareholder Feedback
- Say-on-Pay Approval: 2025 say-on-pay passed with 3,764,811 “For,” 194,173 “Against,” and 144,968 “Abstain” votes; management will hold say-on-pay votes every three years based on shareholder preference .
- Board/Committee Oversight: The Compensation Committee charter covers establishing policies, determining base salaries and incentive plans, retaining compensation consultants, and approving target financial performance levels .
Additional Performance Context
- Per-share metrics at 2024 year-end: EPS $2.71, dividends per share $0.69, year-end stock price $17.20 .
- Q1 2025 results (unaudited): Earnings $4.316M (+9.5% YoY), EPS $0.76 (+8.6%), ROA 0.80%, ROE 13.03% .
- Q3 2025 10-Q highlights: Net income up 77.4% YoY for the quarter and 38.4% year-to-date; NIM increased to 3.27% (Q3) and 3.15% (YTD); capital ratios strong; acquisition of Cecil Bancorp expected to close Q1 2026 .
Investment Implications
- Alignment: Anti-hedging/pledging policy reduces misalignment risk; however, lack of disclosed RSU/option awards for Cindy in proxy tables limits transparency on her equity-based incentives and personal ownership scale .
- Retention Risk: ENB’s executive employment agreements provide two-year salary multiples and benefit continuation post-change-in-control, which can mitigate turnover risk; exact terms for Cindy are not disclosed but general policy supports retention .
- Trading Signals: Cindy’s single disclosed sale of 416 shares (late-filed) appears immaterial in size, suggesting minimal insider selling pressure directly attributable to her .
- Pay-for-Performance Context: Company net income rose 23.8% in 2024 with TSR improvement, while “compensation actually paid” decreased for the PEO and average NEOs from 2023 to 2024, indicating discipline in pay outcomes relative to performance .
- Governance: Strong say-on-pay approval and three-year frequency signal shareholder support for compensation frameworks, reducing governance overhang .