James Jalbert
About James Jalbert
Independent Chairperson of the Board at First Seacoast Bancorp, Inc. and First Seacoast Bank; President and CEO of Jalbert Leasing, Inc. d/b/a C&J Bus Lines, a regional inter-city passenger transportation company. Age 67; Director since 2010. Independence affirmed under Nasdaq listing standards; board leadership is separated from the CEO role to enhance oversight .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| First Seacoast Bancorp, Inc. / First Seacoast Bank | Chairperson of the Board | Director since 2010; Chair as of current proxy | Leads independent oversight; separation of Chair/CEO noted by Board |
| Jalbert Leasing, Inc. (d/b/a C&J Bus Lines) | President & CEO | Current | Local business leadership; perspective on consumer/business environment |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Frisbie Memorial Hospital Foundation | Vice Chair, Board of Trustees | Current | Community leadership |
| Berwick Academy | President of Board of Trustees (recent) | Recent | Education governance |
| American Bus Association | Board Member (recent) | Recent | Industry association role |
Board Governance
- Independence and leadership: Jalbert is an independent Chair; Board separates Chair and CEO roles for stronger oversight .
- Committee assignments: Member, Audit Committee; not a member of Compensation & Personnel or Nominating & Governance committees .
- Audit Committee expertise: Committee chaired by CPA Mark P. Boulanger; Board identified him as “audit committee financial expert” .
- Meetings and attendance: 15 Board meetings in 2024 for both Company and Bank; no director attended fewer than 75% of Board and committee meetings; Audit Committee met 4 times, Compensation met 1 time, Nominating & Governance met 2 times .
- Codes and policies: Board maintains Codes of Ethics; anti-hedging policy prohibits directors from using derivatives to hedge company stock exposure .
Committee Membership Matrix (2024)
| Committee | Membership | Chair | Meetings (2024) |
|---|---|---|---|
| Audit | James Jalbert (member) | Mark P. Boulanger | 4 |
| Compensation & Personnel | Not a member | Paula J. Williamson-Reid | 1 |
| Nominating & Governance | Not a member | Michael J. Bolduc | 2 |
Fixed Compensation
| Component | Amount | Detail |
|---|---|---|
| Fees Earned or Paid in Cash (2024) | $28,200 | Per Director Compensation table |
| Deferred Fee Plan Earnings (2024) | $20,060 | Nonqualified deferred compensation earnings credited at 7-year Treasury rate |
| Supplemental Director Retirement Agreement | $20,000 per year (benefit at retirement age 70), paid over 10 years; vesting schedule over 10 years (0% first 6 years; 25% after 7; 50% after 8; 75% after 9; 100% after 10) | Change-in-control: present value of $20,000 for 10 years; death benefit: vested accrued balance paid to beneficiary |
Notes: Director Deferred Fee Plan allows deferrals of director fees; credited at 7-year Treasury yield; payout elections include lump sum or installments; certain change-in-control and death payout provisions apply .
Performance Compensation
| Component | Grant Date | Amount/Fair Value | Instruments | Vesting |
|---|---|---|---|---|
| Stock Awards (RSUs) | Dec 2, 2024 | $39,018 | 4,200 shares; fair value based on $9.29 share price on grant date | Vests in three equal installments; first on Dec 2, 2025 |
| Stock Options | Dec 2, 2024 | $38,745 | 10,250 options; fair value via binomial model | Vests in three equal installments; first on Dec 2, 2025 |
- Performance metrics: No director-specific performance metrics disclosed for equity awards (time-based vesting) .
Other Directorships & Interlocks
| Company Type | Entity | Role | Public Company? |
|---|---|---|---|
| Private | Jalbert Leasing, Inc. (C&J Bus Lines) | President & CEO | No (private) |
| Non-profit | Frisbie Memorial Hospital Foundation | Vice Chair | No |
| Education | Berwick Academy | President (recent) | No |
| Industry Association | American Bus Association | Board Member (recent) | No |
No public company directorships disclosed for Jalbert; no disclosed interlocks involving competitors/suppliers/customers of FSEA in proxy statements .
Expertise & Qualifications
- Experienced operating executive in transportation; regional market insight valuable to community bank oversight .
- Governance experience via leadership roles in foundation, academy, and industry association boards .
Equity Ownership
| Metric | Value | Detail |
|---|---|---|
| Total Beneficial Ownership | 46,526 shares | As of April 1, 2025 |
| Ownership % of Outstanding | <1% | Based on 4,730,753 shares outstanding |
| Indirect Ownership (IRA) | 22,537 shares | Footnote disclosure |
| Options Exercisable within 60 days | 6,229 shares | Footnote disclosure |
| Outstanding Director RSUs | 4,200 shares | As of Dec 31, 2024; vests beginning Dec 2, 2025 |
| Outstanding Director Options | 10,250 options | As of Dec 31, 2024; vests beginning Dec 2, 2025 |
| Pledged Shares | None indicated | “Unless otherwise indicated… none… has pledged his or her shares” |
| Hedging | Prohibited | Anti-hedging policy for directors and related persons |
Governance Assessment
- Board effectiveness: Independent Chair separate from CEO enhances oversight; Audit Committee led by financial expert; directors met attendance thresholds; structured committee coverage appears robust for a small-cap bank .
- Independence and conflicts: No related-party transactions >$120,000; director/officer loans made only in the ordinary course on market terms under banking regulations; anti-hedging policy reduces misalignment risk; no pledging noted .
- Compensation alignment (director): Mix is predominantly equity plus modest cash; 2024 Jalbert cash fees $28,200 vs equity grant values $77,763, indicating meaningful equity alignment (values derived from disclosed components) .
- Shareholder signals: 2025 say-on-pay received strong support (For: 2,411,594 vs Against: 115,937); annual say-on-pay frequency selected by a large margin; auditor ratification strongly supported—collectively supportive of governance confidence .
- Leadership continuity: 2025 transition affirming CEO and President roles executed via Board action; Jalbert signed amendments as Board Chair, underscoring active governance engagement .
RED FLAGS
- None identified in filings regarding related-party transactions, hedging/pledging, or low attendance. Note: As a private company CEO (C&J Bus Lines), potential customer/supplier relationships with the bank would be disclosable if material; none reported above thresholds .
Additional Context
- Board and Bank Boards each held 15 meetings in 2024; directors encouraged to attend annual meeting; “all but one” attended last year’s meeting (individual names not specified) .
- 2025 Annual Meeting voting outcomes: Directors elected; auditor ratified; say-on-pay approved; annual frequency chosen .
All data above is sourced from First Seacoast Bancorp’s 2025 DEF 14A and related 8-K filings: .