Dexter Perry
About Dexter Perry
Dexter V. Perry (age 55) is an independent director of First Bancorp (FBNC) since 2021. He is a Certified Financial Planner and Investment Advisor Representative with One Providence Capital, LLC, and holds a B.A. in Economics from Duke University (1991), bringing financial, investment, and banking expertise to FBNC’s board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Mechanics & Farmers Bank | Director | 2018–2021 | Board service at bank and its holding company M&F Bancorp, Inc. |
| M&F Bancorp, Inc. | Director | 2018–2021 | Prior public company directorship; enhanced banking governance exposure |
| Generations Community Credit Union | Credit Committee Member | Until 2014 | Credit oversight experience |
| N.C. Supplemental Retirement Plan | Trustee; Chair (Audit); Chair (Investment Subcommittee) | Not disclosed | Oversight of >$6B plan assets; audit/investment governance leadership |
| John Rex Endowment | Director; Finance Committee Member | Not disclosed | Oversight of >$75M endowment; finance governance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Asheville School | Board of Trustees | Current | Independent school trustee, governance role |
| One Providence Capital, LLC | Investment Advisor Representative | Current | CFP; advisory practice |
Board Governance
- Independence: The Board determined a supermajority of directors are independent; the Audit Committee is fully independent and includes Perry, affirming his independent status .
- Committee assignments (2024): Executive & Loan; Audit; Compensation; Nominating & Corporate Governance; Risk; no chair roles held by Perry .
- Attendance: Board held 12 meetings in 2024; all nominees attended ≥75% of Board and standing committee meetings; directors are expected to attend the annual meeting and all did in 2024 .
- Executive sessions: Independent directors held three executive sessions in 2024 without management present .
- Risk oversight: Board allocates risk oversight across committees, with the Risk Committee as primary oversight; Perry serves on risk-relevant committees .
Committee Membership Matrix (2024)
| Committee | Member | Chair |
|---|---|---|
| Executive & Loan | Yes | No |
| Audit | Yes | No (Chair: Suzanne S. DeFerie) |
| Compensation | Yes | No (Chair: James C. Crawford III) |
| Nominating & Corporate Governance | Yes | No (Chair: James C. Crawford III) |
| Risk | Yes | No (Chair: Richard H. Moore) |
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Annual Cash Retainer ($) | $37,500 | $37,500 |
| Annual Equity Grant ($) | $37,500 | $37,500 |
| Annual Equity Grant – Shares | 1,221 (granted 6/1/2023; $30.69/share) | 1,189 (granted 6/1/2024; $31.55/share) |
| Additional Fees (Lead Independent Director; Audit Chair) | Not applicable to Perry | Not applicable to Perry |
| Meeting Fees | None | None |
Notes:
- Director stock ownership requirement: ≥5x cash value of annual director compensation; all current directors/nominees are in compliance .
- No per-meeting fees; compensation structure emphasizes base retainer and annual stock grant .
Performance Compensation
- FBNC does not disclose any performance-based compensation (e.g., PSUs, options tied to metrics) for non-employee directors; annual equity grants are value-based time-vested stock awards .
Other Directorships & Interlocks
| Company/Entity | Type | Role | Overlap/Interlock Risk |
|---|---|---|---|
| M&F Bancorp, Inc. | Public (prior) | Director (2018–2021) | Prior role; no current interlock |
| Mechanics & Farmers Bank | Bank | Director (2018–2021) | Prior role; no current interlock |
| N.C. Supplemental Retirement Plan | Public sector retirement plan | Trustee; Audit Chair; Investment Subcommittee Chair | Oversight role; not a corporate issuer |
| John Rex Endowment | Non-profit | Director; Finance Committee | Non-profit; governance experience |
- Compensation Committee interlocks: None per SEC definition; one member (DeFerie) is a former employee (retired 2019) but not an interlock; Perry is a committee member without interlocks .
Expertise & Qualifications
- Certified Financial Planner; Investment Advisor Representative (financial/investment acumen) .
- Economics degree (Duke University, 1991) .
- Bank board experience (M&F Bancorp/Mechanics & Farmers); public-sector retirement plan oversight (audit and investment) .
- Community finance and endowment governance experience (Generations CCU; John Rex Endowment) .
Equity Ownership
| Metric | 2024-03-01 | 2024-12-31 |
|---|---|---|
| Beneficial Ownership (shares) | 5,325 | 6,630 |
| Shares Outstanding (record date) | 41,134,360 | 41,339,783 |
| Ownership (% of outstanding) | ~0.013% (5,325 / 41,134,360) | ~0.016% (6,630 / 41,339,783) |
| Pledged/Hedged Shares | Prohibited by policy; none disclosed | |
| Director Ownership Guideline Compliance | Directors/nominees in compliance (≥5x cash retainer) |
Governance Assessment
- Board effectiveness: Perry’s breadth across all standing committees (Audit, Compensation, Nominating, Risk, Executive & Loan) signals high engagement and strengthens oversight without concentration of chair power; independent status affirmed via Audit Committee membership .
- Independence/attendance: Independent; met attendance expectations; supports investor confidence in governance rigor .
- Director pay alignment: Balanced cash ($37,500) and equity ($37,500; 1,189 shares in 2024) with stock ownership guidelines; no meeting fees or special premiums for Perry; structure aligns director incentives with shareholders .
- Say-on-pay and shareholder sentiment: Strong support (94% in 2023; 96% in 2024), indicating positive investor perceptions of compensation governance framework .
- Related-party exposure: Company discloses ordinary-course loans to directors/affiliates (~$64M at 12/31/2024) on market terms with no impairments; no specific related-party transactions tied to Perry reported—low conflict signal .
- Risk indicators: 2023 material weakness in IT general controls remedied by 6/30/2024 (demonstrates responsive governance); Perry’s Audit/Risk committee roles contribute to remediation oversight .
- RED FLAGS: None identified specific to Perry (no late Section 16 filings for Perry in 2024; hedging/pledging prohibited; no disclosed related-party transactions involving him) .