Alex Melvin
About Alex Melvin
Alex Melvin was appointed as a non‑employee Class I director of First Mid Bancshares, Inc. effective November 18, 2025, with his initial term running to the 2026 Class I expiration; he will serve on the Board’s Risk Committee . Melvin is the CEO/owner of Rural King, a privately held farm and home retailer based in Mattoon, IL, with multi‑state operations and over $1B in annual sales under his leadership; he became sole owner in 2021 . Age and formal education were not disclosed in FMBH filings; education is not confirmed in SEC documents.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Rural King (Mattoon, IL) | Chief Executive Officer | 2011–present | Led national expansion to 135+ stores and >$1B sales; customer-first operating ethos |
| Rural King | Sole Owner | 2021–present | Strategic control of a third‑generation, family‑owned retailer |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Arthur Christian School | Board of Directors Member | Not disclosed | Governance for a private educational institution |
| RK Foundation for Rural America | Board of Directors Member | Not disclosed | Philanthropy focused on rural communities |
Board Governance
- Appointment and classification: Board size increased from nine to ten; Melvin appointed Class I director, effective Nov 18, 2025, term to 2026 .
- Committee assignments: Risk Committee member (the Board’s Risk Committee oversees risk appetite/tolerances and enterprise risk profile) .
- Independence: FMBH states all directors other than the CEO are independent in accordance with NASDAQ standards (statement applies to 2024); Melvin is a non‑employee director compensated under the standard program; independence determination for Melvin not explicitly stated in the 8‑K .
- Lead Independent Director: Holly B. Adams serves as Lead Independent Director with specified responsibilities .
- Attendance: 2024 attendance data show all directors met ≥75% attendance; not applicable to Melvin (joined in Nov 2025) .
Fixed Compensation
| Component | Amount/Frequency | Notes |
|---|---|---|
| Board retainer (non‑employee director) | $6,250 per quarter | Paid at start of each quarter |
| Lead Independent Director premium | $2,500 per quarter | Applies to Lead Independent Director only |
| Audit Committee member retainer | $625 per quarter | Additional $1,250 per quarter for Audit Chair; $625 per quarter for banking & financial management expert |
| Compensation Committee member retainer | $625 per quarter | Additional $1,000 per quarter for Compensation Chair |
| Nominating & Governance Committee member retainer | $500 per quarter | Additional $1,000 per quarter for NGC Chair |
| Risk Committee | No separate fee disclosed | All directors serve; fees not listed for Risk Committee |
| Subsidiary boards (First Mid Bank) | $2,500 per quarter | If appointed to bank board |
| Subsidiary boards (Wealth Mgmt, Insurance Group) | $500 per quarter each | If appointed to these boards |
| Wealth Management Committee | $250 per quarter | If serving on committee |
Melvin will be compensated under the standard non‑employee director program; late‑year joiners have historically received prorated equity (e.g., Palmby in 2024), implying potential proration for 2025 equity, though Melvin’s specific proration isn’t disclosed yet .
Performance Compensation
| Type | Terms | Performance Metrics |
|---|---|---|
| Annual equity grant | 700 fully vested shares of FMBH common stock to each non‑employee director (increase of 100 shares vs. prior year); late‑year appointees prorated (e.g., Palmby received 117 shares) | None (fully vested at grant; no performance conditions) |
Directors do not receive options or PSU/RSU performance‑linked awards under the director program; equity is delivered as fully vested shares .
Other Directorships & Interlocks
- Public company boards: None disclosed for Melvin in FMBH filings or press materials .
- Private/non‑profit boards: Arthur Christian School; RK Foundation (see External Roles) .
- Interlocks/potential conflicts: FMBH’s 8‑K states there are no arrangements/understandings leading to Melvin’s selection, no family relationships, and Item 404 related‑party information was not available at filing time .
Expertise & Qualifications
- Multi‑unit retail operations, logistics, and customer engagement honed as Rural King’s CEO/owner; emphasis on “customer value” and people‑centric culture .
- Rural business focus and community engagement aligned with FMBH’s community bank footprint .
- Mattoon, IL ties and scaling of distribution/transport capabilities relevant to risk oversight and operational resilience .
Equity Ownership
- Beneficial ownership: Not disclosed for Melvin in the March 2025 proxy (he was not a director as of the record date); next proxy should reflect his holdings if any .
- Director stock ownership guideline: Non‑employee directors are encouraged to hold at least $100,000 of FMBH stock; all nine directors at the time of the 2025 proxy met this threshold; Melvin’s compliance status not yet disclosed .
- Anti‑hedging and margin policies: Insider Trading Policy prohibits short sales, puts/calls/derivatives (“hedging”) and prohibits depositing Company stock in margin accounts .
Governance Assessment
-
Positives
- Clean appointment: No family relationships or selection arrangements disclosed; service under standard non‑employee director program .
- Risk oversight: Direct placement on Risk Committee aligns with his operational risk background in a complex retail/logistics environment .
- Shareholder‑friendly practices: Anti‑hedging policy; robust committee structure; strong say‑on‑pay support (97% approval in 2023) reflects investor confidence in compensation governance .
- Board leadership: Active Lead Independent Director role; formal NGC and comprehensive risk governance charters .
-
Watch items / potential red flags to monitor
- Related‑party exposure: Item 404(a) information was “not available” at time of the 8‑K; investors should monitor for any credit, deposit, or service relationships between FMBH (or subsidiaries) and Rural King or Melvin‑affiliated entities in upcoming filings .
- Ownership alignment: Director guideline encourages $100k stock ownership; Melvin’s holdings are not yet disclosed—monitor next proxy for alignment and any pledging/hedging compliance .
- Board expansion: Size increased to 10 in late 2025; track committee workloads and attendance once Melvin’s participation is reflected in the 2026 proxy .
Overall, Melvin brings scaled retail operations and community‑centric expertise to FMBH’s Board and Risk Committee, with no disclosed conflicts at appointment; confirmation of related‑party disclosures and stock ownership levels in subsequent filings will be key for assessing long‑term alignment and independence .