C. Alvin Bowman
About C. Alvin Bowman
Independent director of HBT Financial since 2019; age 72. Former 17th President of Illinois State University for ten years (retired 2013), with prior roles as Department Chair (Speech Pathology & Audiology) and Interim Provost; later Executive Director of the Illinois Board of Higher Education (Nov 2017–Dec 2018). Education: BA (Augustana College), Master’s in Speech-Language Pathology (Eastern Illinois University), PhD in Speech and Hearing Science (University of Illinois). Selected for leadership, communication, and organizational skills; board credentials include service on key oversight committees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Illinois State University | President (17th) | Ten years; retired 2013 | Led university administration; prior Interim Provost; Department Chair of Speech Pathology & Audiology |
| Illinois State University | Interim Provost | Not disclosed | Academic leadership across colleges |
| Illinois State University | Department Chair, Speech Pathology & Audiology | Not disclosed | Departmental administration and academic governance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Illinois Board of Higher Education | Executive Director | Nov 2017–Dec 2018 | State-level higher education oversight |
Board Governance
- Board service: Director of HBT Financial and Heartland Bank since 2019; independent under SEC/Nasdaq rules .
- Committees (2024 activity shown):
- Audit Committee (member; 5 meetings in 2024)
- Enterprise Risk Management Committee (member; 4 meetings in 2024)
- Nominating & Corporate Governance Committee (Chair; 2 meetings in 2024)
- Attendance: Board held 9 meetings; no director attended fewer than 75% of Board and committee meetings; all directors attended the 2024 Annual Meeting .
- Governance context: HBT is a Nasdaq “controlled company” via a Voting Trust representing 54.4% of voting power; audit committee maintains full independence per Sarbanes-Oxley/Nasdaq despite controlled status .
Fixed Compensation
| Year | Cash Fees | Equity Awards (RSUs grant-date value) | Other Compensation | Total |
|---|---|---|---|---|
| 2024 | $28,150 | $11,436 | $7,350 (Heartland Bank director + committee fees) | $46,936 |
- Director fee structure changes:
- Through Mar 31, 2024: Annual retainer $12,000; Audit Chair $5,000; Compensation Chair $3,000; Nominating Chair $2,000; per-meeting fees $300 (Company board), $350 (committee), $500 (Heartland Bank); annual equity grant of 600 RSUs (vested Feb 28, 2025) .
- Apr 1, 2024–Feb 28, 2025: Annual retainer $18,000; Audit Chair $7,500; Compensation Chair $5,000; Nominating Chair $3,000; Trust Committee Chair $5,000; per-meeting $750 (Company board), $500 (committee), $750 (Heartland Bank) .
- From Mar 1, 2025: Annual retainer $19,000; Audit Chair $7,800; Compensation Chair $5,200; Nominating Chair $3,200; Trust Committee Chair $5,200; per-meeting $775 (Company board), $525 (committee), $775 (Heartland Bank) .
Performance Compensation
- Not applicable to directors; equity grants are time-based RSUs (no director PSUs/options disclosed) .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Notes |
|---|---|---|---|
| None disclosed | — | — | No current or prior public company board roles noted in proxy biography . |
Expertise & Qualifications
- Advanced academic leadership and governance experience; 36 years in higher education (leadership, communication, organizational skills), with credentials applicable to risk oversight and governance chair responsibilities .
- Independent director with committee experience across audit, risk, and governance, supporting board effectiveness .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | RSUs Outstanding at FY-end | RSU Vesting |
|---|---|---|---|---|
| C. Alvin Bowman | 3,800 | Less than 1% (approx. ~0.01%) based on 31,631,431 shares outstanding | 600 | 2024 annual RSU grant vested on Feb 28, 2025 |
- Ownership guidelines: Non-employee directors must hold stock equal to 1x annual cash fees earned; unvested RSUs count; compliance generally within three years of policy effective date (Apr 1, 2024) .
Governance Assessment
- Positives:
- Independent director; chairs Nominating & Corporate Governance and serves on Audit and Enterprise Risk Management—strong alignment with board effectiveness and oversight .
- Director attendance met company expectations (≥75%) with full Annual Meeting participation by all directors .
- Stock ownership and clawback policies, insider trading/anti-hedging, and compensation risk assessments in place—shareholder-friendly guardrails .
- Watch items / potential red flags:
- Controlled company status via Voting Trust (54.4% voting power) may reduce adherence to certain Nasdaq governance practices over time; balance maintained through independent audit committee .
- General related-party loan practices exist for insiders subject to regulatory and policy constraints; no Bowman-specific transactions disclosed .
- Section 16 late filings occurred for Executive Chairman (not Bowman), indicating monitoring is prudent .
Overall: Bowman’s independence, committee leadership, and engagement support board oversight quality. Controlled company dynamics and familial voting control warrant ongoing attention to independence, director empowerment, and shareholder alignment .