Michael Nassy
About Michael Nassy
Michael G. Nassy, age 50, is Executive Vice President and Chief Credit Officer of FVCBankcorp, Inc. and FVCbank; he joined the Bank in 2012 and previously held roles at City First Bank of D.C. N.A., National Cooperative Bank, and Wachovia Bank, and is responsible for setting the Bank’s credit culture and overseeing all credit-related activities, policies, and procedures . Company performance during his recent tenure period showed net income of $24,984k (2022), $3,822k (2023), and $15,064k (2024), with TSR value of an initial $100 investment at $108.29 (2022), $100.80 (2023), and $89.94 (2024) . Nassy’s current base salary was set at $369,550 in early 2025, reflecting satisfactory performance in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| City First Bank of D.C. N.A. | Banking/credit roles (not specifically disclosed) | Not disclosed | Built experience relevant to credit culture and risk management |
| National Cooperative Bank | Banking/credit roles (not specifically disclosed) | Not disclosed | Expanded credit oversight and policy development experience |
| Wachovia Bank | Banking/credit roles (not specifically disclosed) | Not disclosed | Large-bank credit exposure, informing FVCB credit policies |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| N Street Village | Board of Directors | Not disclosed | Community engagement; governance experience |
| The Risk Management Association | Board of Directors | Not disclosed | Professional standards and risk best-practices network |
Fixed Compensation
| Component | 2024 | 2025 (current) |
|---|---|---|
| Salary ($) | $350,243 | $369,550 (base set early 2025) |
| Bonus ($) | $70,391 | Not disclosed |
| Stock Awards ($) | $20,440 (RSUs granted in 2023; 4-year vesting) | No new officer awards granted in 2024; 2025 not disclosed |
| Option Awards ($) | — | Not disclosed |
| All Other Compensation ($) | $32,156 | Not disclosed |
| Total ($) | $473,230 | Not disclosed |
All Other Compensation (2024) breakdown:
- Insurance premiums: $11,550
- 401(k) matching contributions: $12,075
- Supplemental Retirement Plan vesting: $8,531
Performance Compensation
Narrative framework: Annual cash bonuses are discretionary and contingent on individual performance and overall Company performance, including minimum levels related to net income, asset growth, and credit quality; below those minimums, no award is made .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Net income (Company) | Not disclosed | Minimum performance level | Not disclosed | 2024 bonus paid: $70,391 | Cash (n/a) |
| Asset growth (Company) | Not disclosed | Minimum performance level | Not disclosed | Included in discretionary assessment | Cash (n/a) |
| Credit quality (Company) | Not disclosed | Minimum performance level | Not disclosed | Included in discretionary assessment | Cash (n/a) |
Equity awards cadence: No officer equity awards were granted in 2024 due to operating environment and 2023 results; historically, awards are granted after year-end following Compensation Committee review of performance for a completed year .
Equity Ownership & Alignment
Beneficial ownership (as of April 4, 2025):
| Holder | Common Stock Beneficially Owned | Exercisable Options Included | % of Class |
|---|---|---|---|
| Michael G. Nassy | 54,423 | 11,718 | <1% |
Outstanding equity awards (as of December 31, 2024):
| Award Type | Quantity | Exercise/Grant Price | Expiration/Grant Date | Vesting | Market Value (12/31/24) |
|---|---|---|---|---|---|
| Options (exercisable) | 9,765 | $6.85 | 3/1/2025 | Vested | n/a |
| Options (exercisable) | 11,718 | $9.22 | 5/19/2026 | Vested | n/a |
| RSUs (2021 grant) | 2,188 | n/a | 3/26/2021 | 4 equal annual installments starting 1st anniversary | $27,503 (at $12.57 close) |
| RSUs (2022 grant) | 3,750 | n/a | 6/23/2022 | 4 equal annual installments starting 1st anniversary | $47,138 (at $12.57 close) |
| RSUs (2023 grant) | 1,500 | n/a | 5/31/2023 | 4 equal annual installments starting 1st anniversary | $18,855 (at $12.57 close) |
Policy alignment:
- Hedging, short sales, margin trading, and pledging of Company stock are prohibited for directors and executive officers under the Insider Trading Policy .
Company performance context (for alignment):
| Year | Net Income ($000s) | TSR (Value of $100 Investment) |
|---|---|---|
| 2022 | $24,984 | $108.29 |
| 2023 | $3,822 | $100.80 |
| 2024 | $15,064 | $89.94 |
Employment Terms
| Term | Details |
|---|---|
| Employment/tenure | Joined FVCbank in 2012; currently Executive Vice President & Chief Credit Officer |
| Current base salary | $369,550 (set early 2025 based on satisfactory 2024 performance) |
| Bonus eligibility | Discretionary cash bonus contingent on individual and Company performance; minimum thresholds on net income, asset growth, credit quality |
| Equity plan | Amended & Restated 2008 Stock Plan enabling grants of options, restricted stock, and RSUs (no officer grants in 2024) |
| Supplemental Executive Retirement Plan (SERP) | $65,000 annually at retirement age (67) payable monthly over 10 years; vests pro-rata annually over five years |
| Change-of-control (SERP) | If resignation for good reason or termination without cause within 12 months of a change in control, paid greater of accrued benefit at change in control or $350,000 lump sum |
| Benefits/perquisites | Eligible for broad-based health, dental, vision, disability, group life; 401(k) safe harbor match; limited perquisites detailed in SCT |
| Clawback | Not disclosed in proxy (Insider Trading Policy filed with 10-K; hedging/pledging restrictions outlined) |
| Non-compete / non-solicit | Not disclosed for Nassy (restrictions disclosed for CEO/President only) |
Investment Implications
- Alignment and selling pressure: Nassy’s beneficial ownership is modest (<1% of outstanding), but he holds vested, in-the-money options (exercise prices $6.85 and $9.22 vs. $12.57 close on 12/31/24), and unvested RSUs with scheduled annual vesting; these dates can create predictable liquidity windows but hedging/pledging prohibitions limit leverage-driven selling risk .
- Pay-for-performance and retention: His cash bonus is discretionary and tied to Company net income, asset growth, and credit quality thresholds; improved 2024 profitability and an early-2025 base salary increase suggest incentive recognition and positive retention signals, supplemented by SERP vesting over five years .
- Change-of-control economics: The SERP includes a favorable CIC provision—lump sum of the greater of accrued benefit or $350,000—indicating meaningful economic protection and potential retention until vesting milestones or strategic transactions .
- Governance risk flags: No individual clawback disclosure for Nassy and no explicit stock ownership guidelines were disclosed; however, strict prohibitions on hedging, margin, short sales, and pledging mitigate alignment concerns commonly associated with insider stock practices .