Bruce McAnally
About Bruce McAnally
Bruce McAnally (age 71) is an independent director of First Guaranty Bancshares, Inc. (FGBI), appointed to the holding company board on December 19, 2024, after serving on First Guaranty Bank’s board since June 2017 via the Synergy Bank acquisition, where he was Chairman of the Board. He is a registered pharmacist and independent pharmacy owner based in Austin, TX, and a founder/director in multiple pharmacy and healthcare businesses, including RxPreferred Benefits (Nashville, TN), Best Value Pharmacies (Fort Worth, TX), and Paragon Healthcare (Dallas, TX) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Synergy Bank | Chairman of the Board | Prior to FGB’s acquisition; joined FGB Bank board in June 2017 | Led board prior to acquisition; continued board service at FGB Bank |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| RxPreferred Benefits (Nashville, TN) | Founder and Director | Not disclosed | Pharmacy benefits; private company |
| Best Value Pharmacies (Fort Worth, TX) | Director | Not disclosed | Pharmacy; private company |
| Paragon Healthcare (Dallas, TX) | Founder | Historical role (“was a founder”) | Infusion/healthcare; private company |
Board Governance
- Independence: Board determined McAnally is independent under Nasdaq rules; only one director (Vanessa R. Drew) is not independent .
- Board/committee meeting cadence (2024): 18 holding-company board meetings; 16 bank board; 6 holding-company Audit; 6 bank Audit; 13 bank Executive Committee; 1 holding-company Nominating & Corporate Governance .
- Attendance: All directors attended at least 75% of the aggregate number of board and committee meetings in 2024; all six holding-company directors attended the 2024 annual meeting .
- Leadership structure: Chairman separate from CEO; board monitors risk via committee reporting .
| Committee/Body (2024) | McAnally Membership | Chair Role | Notes |
|---|---|---|---|
| First Guaranty Board (holding company) | Yes | No | Appointed Dec 19, 2024 |
| First Guaranty Bank Board (subsidiary) | Yes | No | Service since June 2017 |
| Executive Committee (Bank) | Yes | No | Participated; 13 meetings in 2024 |
| Directors Loan Committee (Bank) | Yes | No | Participated |
| Audit Committee (holding company) | No | — | Members: Rossi (Chair), Hood, Smith |
| Nominating & Corporate Governance (holding company) | No | — | Members: Reynolds (Chair), Hood, Smith |
| Compensation Committee (holding company) | No | — | Members: Reynolds (Chair), Hood |
| Meeting Type | Count (FY 2024) |
|---|---|
| FGBI Board | 18 |
| FGB Bank Board | 16 |
| FGBI Audit Committee | 6 |
| FGB Bank Audit Committee | 6 |
| FGB Bank Executive Committee | 13 |
| FGBI Nominating & Corporate Governance Committee | 1 |
Fixed Compensation
| Metric | FY 2024 |
|---|---|
| Fees Earned or Paid in Cash | $27,550 |
| All Other Compensation (e.g., travel reimbursement) | $0 |
| Total | $27,550 |
Notes:
- McAnally’s 2024 director fees reflect service on the holding-company board, bank board, Executive Committee, and Directors Loan Committee; appointed to the holding-company board on December 19, 2024 .
- No consulting fees or retainers disclosed separately for directors; director fees are meeting-based and aggregated .
Performance Compensation
| Category | FY 2024 |
|---|---|
| Equity grants to directors (RSUs/PSUs/Options) | None disclosed |
| Performance metrics tied to director pay (TSR, ROE/ROAA, ESG, etc.) | Not disclosed |
| Director stock ownership guidelines | No formal stock ownership requirements for directors/executives |
| Hedging policy (directors/employees) | No policy restricting hedging/derivatives disclosed; company “does not currently have any policy” against hedging |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed for McAnally |
| Private company roles | RxPreferred Benefits (founder/director), Best Value Pharmacies (director), Paragon Healthcare (founder) |
| Interlocks with competitors/suppliers/customers | None disclosed for McAnally |
| Prior public company boards | None disclosed for McAnally |
Expertise & Qualifications
- Registered pharmacist and independent pharmacy owner; healthcare entrepreneurship and board experience in pharmacy/benefits sectors .
- Prior bank board leadership (Synergy Bank Chair), continued board service at First Guaranty Bank since 2017 .
Equity Ownership
| Metric | As of March 24, 2025 |
|---|---|
| Total beneficial ownership (shares) | 151,951 |
| Ownership % of shares outstanding | 1.2% (12,504,717 shares outstanding) |
| Indirect holdings detail | 633 shares via Medicine Shoppes Inc. (sole voting/investment power) |
| Pledged shares | None disclosed for McAnally (pledge disclosed for Reynolds; not for McAnally) |
| Vested vs. unvested shares | Not disclosed |
Governance Assessment
- Independence and engagement: McAnally is independent under Nasdaq rules and participated on the holding-company and bank boards; all directors met at least 75% attendance in 2024, and meeting cadence suggests active oversight (board: 18; executive committee: 13) .
- Committee footprint: Not on holding-company Audit/Compensation/Nominating committees; his roles are concentrated at the bank-level Executive and Directors Loan Committees, indicating operational lending/governance exposure rather than financial reporting or pay-setting oversight .
- Pay and alignment: 2024 director compensation was cash-only ($27,550), with no disclosed equity grants; there are no director ownership guidelines, but McAnally holds 151,951 shares (~1.2%), signaling personal capital at risk despite the absence of formal alignment requirements .
- Conflicts and related-party exposure: No McAnally-specific related-party transactions disclosed; however, the company exhibits substantial related-party activity with other directors (branch sale-leaseback to director-owned partnership; subordinated notes to director-controlled entities), warranting heightened board-level conflict management—non-interested members review and approve such transactions .
- Risk indicators: Company lacks a hedging policy for directors/employees, which is a governance red flag for alignment; Section 16 late filings were reported for other insiders (Smith, Hood, Mineer) but not for McAnally .
RED FLAGS: Absence of a hedging policy for directors/employees ; material related-party transactions elsewhere on the board (sale-leaseback and subordinated notes) necessitate strong independent oversight .