Patrick L. Griggs
About Patrick L. Griggs
Chief Risk/Credit Officer (EVP) of Fidelity Bank since 2012; age 61 as of Dec 31, 2024. He leads credit policy, loan portfolio management, collections/special assets, enterprise risk management, and chairs the Bank’s Risk Management and Special Assets Committees; he also serves on the Executive Leadership Team, Compliance Committee, ALCO, and IT Steering Committee. He is a CFA charterholder with an MBA (Tennessee State) and a BS (Trevecca Nazarene University) and serves as a subject-matter expert on the American Bankers Association Working Group. Prior roles include lending and credit risk leadership positions at several U.S. financial institutions; no company- or tenure-specific TSR/revenue/EBITDA performance metrics for him are disclosed.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Several U.S. financial institutions | Lending and credit risk leadership roles | Pre-2012 | Built credit underwriting and risk leadership experience relevant to enterprise risk management at Fidelity Bank |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| American Bankers Association | Working Group subject-matter expert (Certified Enterprise Risk Professional exam) | Ongoing (as of 2024–2025) | Regulatory and risk standards engagement; contributes to industry examination content |
Fixed Compensation
The 2025 proxy discloses compensation for the CEO, CFO, and CBO as named executive officers; Mr. Griggs is not included, and his base salary, target bonus, and actual cash compensation are not disclosed.
Performance Compensation
As of December 31, 2024, there were no equity awards outstanding to any named executive officer; the Company did not grant stock options to executive officers during 2024. Executive equity eligibility and design are set under the FB Bancorp 2025 Equity Incentive Plan, to be effective upon stockholder approval on Dec 9, 2025; employee grants (including to senior executives) will be determined after approval.
Key features of the 2025 Equity Incentive Plan (applicable to executives, including potential future grants to Mr. Griggs):
- Award types: stock options (ISOs/NQSOs), restricted stock, RSUs; performance conditions may be attached to any award. Minimum one-year vesting for at least 95% of awards; no dividends/dividend equivalents paid before vest/settlement. No option repricing or cash buyouts of underwater options without shareholder approval.
- Performance metrics menu includes earnings/EPS, ROE, net income, net interest income/margin, efficiency ratio, asset growth, asset quality, regulatory compliance/safety and soundness, TSR, revenue growth, and more; the Committee sets goals and can allow partial payouts for partial achievement. Specific weights/targets for individual executives are not disclosed.
- Change in control: double-trigger vesting (CoC plus involuntary termination/resignation for good reason) for time-based awards; perf-based awards vest at target or better of actual run-rate if CoC + involuntary termination or if awards are not assumed.
- Clawback and trading policy: awards subject to FB Bancorp clawback policies (Dodd-Frank 954), insider trading policy restrictions, and hedging/pledging policy restrictions.
- Director initial grants self-execute after plan approval; employee (executive) awards discretionary thereafter.
Performance bonus plan and award metrics/weights for Mr. Griggs are not disclosed in the proxy.
Equity Ownership & Alignment
| Metric | Date | Amount/Detail |
|---|---|---|
| Beneficial ownership (common shares) | Oct 6, 2025 | 5,774 shares (<1% of outstanding); includes 774 shares via ESOP; no pledging indicated for Mr. Griggs. Based on 19,837,500 shares outstanding. |
| Initial Section 16 filing (Form 3) | Oct 22, 2024 | 5,000 shares, direct ownership. Title: Chief Risk/Credit Officer. |
| Anti-hedging policy | Policy | Company prohibits directors, officers, and employees (and related persons) from hedging Company stock with derivatives. |
| Hedging/pledging restrictions (equity plan) | Policy | Equity awards subject to Company hedging/pledging restrictions and clawback policies. |
Notes:
- The officer ownership table explicitly identifies pledging where applicable (CFO Wanner had pledged shares); no such note appears for Mr. Griggs.
Employment Terms
| Topic | Status/Terms | Source |
|---|---|---|
| Current role/tenure | Chief Risk/Credit Officer since 2012 (EVP), age 61 as of 12/31/24 | |
| Executive Severance Plan | Plan provides lump-sum severance for designated participants upon certain terminations, including: pro‑rata bonus; cash equal to severance multiple × (base salary at greater of pre‑CoC or termination date + target bonus); and lump sum for COBRA equivalent over months equal to severance multiple during covered CoC period (announcement through 24 months post‑CoC). Outside CoC period: pro‑rata bonus; severance multiple × base salary; COBRA equivalent × severance multiple. Participation/multiple for Mr. Griggs is not specified in the proxy (CFO Wanner is specifically named; others not enumerated). | |
| Non‑compete/Non‑solicit | Specific covenants disclosed for CEO in employment agreement; no individual employment agreement or restrictive covenants are disclosed for Mr. Griggs. | |
| Deferred Compensation Plan | Performance‑based deferred comp for certain executives: award credits if annual performance criteria met; 3‑year cliff vest; 100% vest on death/disability or termination within 12 months post‑CoC; paid in lump sum at vesting. Participation for Mr. Griggs not specified. | |
| Change‑in‑control equity treatment | Double‑trigger for time‑based awards; performance awards vest at target or at actual run‑rate (greater of) on CoC + involuntary termination or if acquirer fails to assume. | |
| Clawback/insider trading/hedging | Awards subject to Company clawback; insider trading policy restrictions; hedging/pledging restrictions. |
Performance Compensation — Metric Table (Program Architecture; no individual payouts disclosed)
| Metric category (examples) | Potential use | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| EPS, ROE, Net Income, NIM/Spread, Efficiency Ratio, Asset Growth/Quality, Regulatory/Safety & Soundness, TSR, Revenue Growth | Eligible under 2025 Equity Plan for performance awards; Committee discretion | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Min 1‑year vest (≥95% of awards), double‑trigger CoC provisions |
Investment Implications
- Alignment and selling pressure: Mr. Griggs’ disclosed ownership is modest (5,774 shares; <1%) with no pledging flagged; combined with no 2024 outstanding equity awards, near-term insider selling pressure appears low, though equity-based alignment will hinge on future grants under the 2025 plan.
- Retention and change‑in‑control economics: If designated under the Executive Severance Plan, double‑trigger severance (including target bonus) and COBRA equivalents would provide protection during a transaction window; however, the proxy does not specify his participation or severance multiple, introducing uncertainty in retention economics.
- Governance and risk controls: Anti‑hedging policy, clawback coverage, and double‑trigger equity vesting reduce misalignment and windfall risk; performance-award architecture allows bank‑relevant metrics (asset quality, efficiency, ROE/NIM) but individual targets/weights are not disclosed, limiting pay‑for‑performance transparency.
Sourcing notes: All facts above are drawn from FBLA filings: DEF 14A (Oct 27, 2025), 10-K FY2024 (Mar 27, 2025), S-1/As (2024), and Patrick L. Griggs’ Form 3 (Oct 22, 2024). Citations are provided inline.