Ray E. Jones
About Ray E. Jones
Ray E. Jones, 54, is a Class III independent director of First Community Corporation (FCCO) serving since January 2021. He is a Partner at Parker Poe Adams & Bernstein LLP (Columbia, SC) advising on public finance, local taxation, affordable housing finance, and economic development. He holds a B.S. in Finance, an MIB from the Darla Moore School of Business, and a J.D. from the University of South Carolina School of Law, with multiple recognitions for economic development and public finance work .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Parker Poe Adams & Bernstein LLP | Partner (Columbia office) | 2004–present | Counsel on public finance, local taxation, affordable housing financing, economic development |
| Saluda Shoals Foundation | Director; Chair (2017) | 2013–2020 | Community philanthropy governance |
| March of Dimes, SC Chapter | Director; Chair (2007–2008) | 2005–2010 | Non-profit board leadership |
| South Carolina Economic Developers’ Association | Director | 2011–2013 | Economic development advocacy |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Public company boards | None disclosed | — | No public company directorships identified in FCCO proxy biography |
| Non-profit/association boards | Multiple (see above) | Various | Community and economic development focus |
Board Governance
- Classification and tenure: Class III director; term expires at the 2027 annual meeting .
- Independence: Board determined Mr. Jones is independent under Nasdaq listing standards .
- Committee assignments: Audit Committee member (Audit met 5 times in 2024; Chair: Jane S. Sosebee; members: Jan H. Hollar, Ray E. Jones, W. James Kitchens, Jr.) .
- Attendance: Board met 12 times in 2024; each director attended ≥75% of combined board and committee meetings (same standard met in 2023 when the board met 15 times) .
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Notes |
|---|---|---|
| 2023 | 34,500 | Chairman and committee chair retainers; board meeting ($1,000) and committee meeting fees ($500; $750 for audit) policy applicable to outside directors |
| 2024 | 29,500 | Chairman ($14,500) and chair retainer levels; board meeting ($1,000) and committee meeting fees ($500; $750 for audit) policy applicable to outside directors |
Performance Compensation
| Grant Year | Grant Date | Award Type | Shares Granted | Grant-Date Fair Value/Share ($) | Total Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|---|
| 2023 | Feb 21, 2023 | Restricted Stock | 690 | 20.29 | 14,000 | Fully vested Jan 1, 2024 |
| 2024 | Feb 20, 2024 | Restricted Stock | 1,224 | 17.97 | 21,995 | Fully vested Jan 1, 2025 |
- Equity plan governance: Director award cap of $140,000 grant-date fair value per calendar year; no option/SAR repricing without shareholder approval; double-trigger vesting on change of control; no dividends/dividend equivalents paid on unvested performance awards .
Other Directorships & Interlocks
| Company | Role | Interlock/Relationship |
|---|---|---|
| None disclosed | — | No public company interlocks disclosed in FCCO proxy |
Expertise & Qualifications
- Legal and finance: Public finance, taxation, affordable housing finance, economic development; Partner at Parker Poe .
- Education: B.S. Finance; Master’s in International Business Administration; J.D. (University of South Carolina) .
- Regional market insight: >20 years advising South Carolina businesses and local governments; community leadership roles .
Equity Ownership
| As of Date | Shares Owned | Right to Acquire (60 days) | Beneficial Ownership % |
|---|---|---|---|
| March 27, 2025 | 3,601 | — | 0.05% |
- Stock ownership guidelines: Directors appointed prior to Feb 21, 2023 must own 10,000 shares; for new directors (on/after Feb 21, 2023), minimum 1,000 immediately, 5,000 within 5 years, and 10,000 to sell stock; director deferred units count toward ownership; no set compliance period for pre-2023 directors, but selling is restricted until threshold is met .
- Deferred units: 2024 deferral table lists several directors; Mr. Jones is not listed among those electing deferral for 2024 .
- Section 16 compliance: All directors/officers timely filed in 2024 except one CFO Form 4; no exceptions noted for Mr. Jones .
- Insider trading policy: Prohibits hedging, short sales, and pledging; requires pre-clearance and imposes blackout windows .
Governance Assessment
- Board effectiveness: Active Audit Committee member with robust oversight (audit independence, internal controls, plans/risk discussions; auditor appointment) . Independence affirmed; attendance threshold met in 2024 and 2023 .
- Compensation alignment: Director pay mix combined cash and time-based restricted stock; YOY equity grant increased (total stock award $14,000 in 2023 → $21,995 in 2024), consistent with broader board equity practices and within plan’s $140k cap .
- Ownership alignment: Beneficial ownership of 3,601 shares appears below the 10,000-share guideline for pre-2023 directors; although deferred units (if any) count, 2024 deferral table does not list Mr. Jones. Selling restrictions until threshold met mitigate misalignment risk, but accumulation remains a focus area .
- Conflicts/related-party exposure: No Item 404 related-party transactions disclosed for Mr. Jones; independence determination corroborated; the proxy details de minimis transactions for another director, suggesting board scrutiny of conflicts .
- Signals for investors: Legal/public finance expertise strengthens regulatory and credit risk oversight; audit committee role supports financial reporting integrity. Monitoring progress toward ownership guideline and continued audit engagement are key confidence markers .
RED FLAGS
- Potential ownership guideline shortfall vs. 10,000-share requirement for pre-2023 directors; monitor progress or use of deferral mechanism to close the gap .
- No other specific red flags (attendance, related-party transactions, or Section 16 issues) disclosed for Mr. Jones .