Leon Borck
About Leon Borck
Leon H. Borck, age 78, has served as an independent director of Equity Bancshares, Inc. (EQBK) since 2021. He is Chairman of Innovative Livestock Services, Inc. and Ward Feed Yard (since 1980), and previously chaired American State Bancshares, Inc. from 2001 until its 2021 merger with EQBK. He holds a degree in Agricultural Economics from Kansas State University. His current EQBK Class III director term runs through the 2026 annual meeting.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| American State Bancshares, Inc. | Chairman of the Board | 2001–2021 | Led board through to merger with EQBK; bank oversight experience |
| Various companies and philanthropic organizations | Director/Board member | Not disclosed | Community leadership and governance contributions |
External Roles
| Organization | Role | Tenure | Focus/Impact |
|---|---|---|---|
| Innovative Livestock Services, Inc. | Chairman | 1980–present | Senior management in agricultural operations within EQBK’s markets |
| Ward Feed Yard | Chairman | 1980–present | Operational leadership; sector expertise |
Board Governance
- Independence: Independent director (EQBK board’s non-independent members are Elliott, Hutton, Kossover; others are independent).
- Committees: Member, Corporate Governance & Nominating Committee; Member, Risk Committee. Not a chair. 2024 committee meeting counts: Audit 12, Compensation 6, Nominating & Governance 6, Risk 4.
- Attendance: All directors attended at least 75% of combined board/committee meetings in 2024; all directors attended the 2024 annual meeting. The board held eight regular and two special meetings; eight executive sessions (plus eight executive sessions of independent directors).
- Classification/tenure: Class III; current term expires at the 2026 annual meeting. Service on EQBK board since 2021.
- Insider trading policy: Prohibits hedging and pledging (limited exceptions with pre-approval), short sales, and holding in margin accounts.
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| 2023 | 37,833 | 33,000 | 70,833 |
| 2024 | 45,267 | 37,667 | 82,934 |
- Director pay structure (2024 service year): $40,000 cash retainer; $40,000 equity grant; committee member fees $4,200 (Compensation, Nominating, Trust, Risk); committee chair fees $11,400; Audit Committee member $5,400; Audit chair $16,800; Credit Committee retainer $48,000. Fees are prepaid May 1 and earned over one year; equity grants are one-year vesting restricted stock awards or options. Outside directors must reach $500,000 stock ownership within five years. As of 12/31/2024, outside directors had met or were on track with guidelines.
Performance Compensation
| Item | Details |
|---|---|
| Director Equity Grant (2024 service year) | Issued as one-year vesting restricted stock awards (1,195 shares), or non-qualified options (2,811 options), or a combined grant (598 RSAs + 1,405 options). Grants vest at the anniversary of issuance; prepaid director fees subject to repayment if service ends mid-term. (Program-level options; individual director mix not disclosed.) |
| Performance metrics for directors | None disclosed; director equity vests time-based without performance conditions. |
Note: Performance metrics (EPS, TSR, etc.) apply to named executive officers’ incentive plans and LTIP, not to director compensation.
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Transaction |
|---|---|---|
| Innovative Livestock Services, Inc. | Chairman | No EQBK related-party transaction disclosed; ordinary-course banking relationships may exist at market terms under Regulation O. |
| Ward Feed Yard | Chairman | Same as above. |
- Related-party policy and 2024 disclosure: EQBK engages in ordinary-course banking transactions with directors/affiliates on market terms; 2024 disclosed a contractor relationship with Hutton Corporation (director Ben Hutton) totaling $2,179,787 for ITM infrastructure, reviewed and ratified under the related-person policy. No Borck-specific related-party transactions disclosed.
Expertise & Qualifications
- Senior-level management and board oversight; extensive agricultural sector experience in EQBK’s operating markets.
- Bank oversight from prior chairmanship at American State Bancshares; governance experience across companies and philanthropic organizations.
- Academic credentials: Agricultural Economics, Kansas State University.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Leon H. Borck | 37,382 | <1% | 16,346 shares held directly; 21,036 held by EDBI, Inc., where Borck is President. |
- Stock ownership guidelines for non-employee directors: $500,000 of value within five years of guideline adoption or initial election; outside directors were compliant or on track as of 12/31/2024.
- Hedging/pledging: Prohibited absent limited pre-approval; no pledging disclosed for Borck (a separate disclosure notes Mr. Penner has pledged shares; not applicable to Borck).
Insider trades: Attempted to retrieve recent Form 4 transactions for “Borck” at EQBK but no data could be fetched; no insider trading events for Borck are disclosed in the proxy.
Governance Assessment
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Positive signals:
- Independent director with relevant sector expertise and prior bank board leadership; aligns with risk oversight on the Risk and Nominating committees.
- Attendance and engagement: ≥75% meeting attendance; participated in a board with regular executive sessions, indicating active independent oversight.
- Ownership alignment: Beneficially owns EQBK shares; subject to director stock ownership guidelines and anti-hedging/pledging policy.
- Compensation structure balanced between cash and time-based equity; no director performance metrics that could incent short-termism.
-
Potential conflicts/risks:
- External leadership in agricultural businesses within EQBK’s footprint could create ordinary-course banking relationships; EQBK’s related-party policy and Regulation O mitigations apply; no Borck-specific transactions disclosed.
- Age/tenure considerations: At 78 with service since 2021, succession and continued engagement should be monitored, though tenure is moderate.
-
Broader governance context:
- Board declassification proposal advanced in 2025 (moving to annual elections), enhancing accountability.
- 2024 Say-on-Pay support ~70%, indicating generally acceptable pay practices but with room for continued engagement.
RED FLAGS: None disclosed specific to Leon Borck (no related-party transactions, pledging, or attendance issues). Monitor for any future banking transactions involving his affiliated entities to ensure continued compliance with policy and Regulation O.