Walter G. Ecton, Jr.
About Walter G. Ecton, Jr.
Walter G. Ecton, Jr., age 70, is an independent director and currently serves as Chairman of the Board at Kentucky First Federal Bancorp, a role to which he was elected on August 29, 2024; he has served as a director of KFFB since its inception in March 2005 and as a director of First Federal Savings and Loan Association of Hazard since 2004 . He has been in private law practice in Richmond, Kentucky since 1979, holds a J.D. from the University of Kentucky (member of Kentucky Law Journal), an MBA from the University of Kentucky, and is a graduate of Centre College; he previously served as an Assistant Commonwealth’s Attorney (1981–1993) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Commonwealth’s Attorney (Kentucky) | Assistant Commonwealth’s Attorney | 1981–1993 | Prosecutorial and public sector legal experience |
| First Federal of Richmond (legacy) | Legal Counsel (previously) | Not disclosed | Banking legal advisory experience |
| Great Financial Bank | Advisory Director (previously) | Not disclosed | Banking advisory board experience |
| U.S. Bank | Advisory Director (previously) | Not disclosed | Large-bank advisory exposure |
| Ecton Private Law Practice | Attorney (Private Practice) | Since 1979 | Longstanding legal/financial acumen |
| First Federal Savings and Loan of Hazard | Director | Since 2004 | Community-bank governance |
| Kentucky First Federal Bancorp | Director; Chairman of the Board | Director since 2005; Chairman since Aug 29, 2024 | Board leadership; independent chair |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Private Law Practice (Richmond, KY) | Attorney/Owner | Since 1979 | Legal and business expertise |
| Current public company boards | None disclosed | — | No other current public directorships disclosed |
Board Governance
- Independence: Ecton is considered independent under Nasdaq listing standards; the board separated the Chair and CEO roles and currently has an independent chair (Ecton) to enhance oversight .
- Committee memberships:
- Audit Committee: Member; Audit met four times in FY2025; David R. Harrod designated as the audit committee financial expert, not Ecton .
- Compensation Committee: Member; met once in FY2025; composed solely of independent directors .
- Nominating & Corporate Governance Committee: Member; composed solely of independent directors .
- Attendance: The Board met four times in FY2025; no director attended fewer than 75% of aggregate board and committee meetings; all directors attended the 2024 annual meeting .
- Risk oversight: The Board (with an independent chair) oversees risk, including cybersecurity; committees are independent; management handles day-to-day risk .
Fixed Compensation
| Metric | FY2025 Amount | Notes |
|---|---|---|
| Fees Earned or Paid in Cash (Director fees) | $18,400 | Non-employee director total for FY2025 |
| Monthly Board Fee – Company | $600 | No additional compensation for attendance at committee meetings for Company board |
| Monthly Board Fee – First Federal of Hazard | $900 | Per-committee meeting fee $100 when held on non-board days |
| Monthly Board Fee – First Federal of Kentucky | $900 | Per-committee meeting fee $100 when held on non-board days |
- Structure: Non-employee directors may also be paid hourly fees for additional committee meetings or consultation .
Performance Compensation
- Equity awards: No equity compensation disclosed for directors; Company states it does not currently grant stock options, and there were no outstanding equity awards at FY2025 year-end .
- Performance metrics tied to director pay: Not disclosed (director compensation presented as cash fees only) .
Other Directorships & Interlocks
| Company/Entity | Role | Current/Past | Committee Positions |
|---|---|---|---|
| Great Financial Bank | Advisory Director | Past | Not disclosed |
| U.S. Bank | Advisory Director | Past | Not disclosed |
| First Federal of Richmond | Legal Counsel | Past | Not disclosed |
- Interlocks/conflicts: None currently disclosed for Ecton. Note: The board includes other members with familial ties to executives (e.g., R. Clay Hulette’s spouse and nephew), which can present governance sensitivities though not directly attributed to Ecton .
Expertise & Qualifications
- Education: Centre College (undergraduate); University of Kentucky J.D. (Kentucky Law Journal member); University of Kentucky MBA .
- Professional: 45+ years private legal practice; prior prosecutorial experience; extensive banking legal/advisory exposure .
- Designations: Not designated as “audit committee financial expert”; that designation is held by David R. Harrod .
Equity Ownership
| Holder | Shares Beneficially Owned | Notes | % of Shares Outstanding |
|---|---|---|---|
| Walter G. Ecton, Jr. | 25,052 | Includes 600 shares in spouse’s IRA | 0.31% (25,052 ÷ 8,086,715) |
| Shares Outstanding (Record Date) | 8,086,715 | As of Sep 30, 2025 | — |
- Ownership alignment: Ecton’s stake is <1% as noted by the company; computed at approximately 0.31% of shares outstanding .
- Pledging/hedging: Company does not prohibit hedging or pledging by directors/officers; no pledging by Ecton disclosed .
Insider Trading Compliance
| Reporting Person | FY2025 Form 4 Timeliness | Notes |
|---|---|---|
| Walter G. Ecton, Jr. | Compliant | Company states all Reporting Persons complied in FY2025 except one late Form 4 by William H. Johnson |
Governance Assessment
-
Positive signals:
- Independent Chairman with separation from CEO enhances oversight integrity; majority of board independent; all key committees fully independent .
- Committee engagement across Audit, Compensation, and Nominating provides broad governance coverage; Audit and Compensation charters posted publicly, indicating transparency .
- Attendance: Board and committee attendance thresholds met; annual meeting attendance affirmed, supporting engagement .
-
Risk indicators and potential conflicts:
- Hedging/pledging not prohibited for directors/officers; while no pledging by Ecton is disclosed, policy posture is shareholder-unfriendly and a governance red flag .
- Related-party lending to insiders exists (regulated under Reg O with board approvals); at June 30, 2025, loans to directors/executives/affiliates totaled ~$1.0 million (2.2% of stockholders’ equity), requiring continued oversight; no specific loan to Ecton disclosed .
- Formal supervisory action: First Federal of Kentucky is under an OCC formal written agreement (Aug 13, 2024) and considered in “troubled condition,” triggering restrictions on severance/golden parachute payments; this elevates regulatory and reputational risk context for the group, though not a direct issue for Ecton personally .
- Familial ties involving other directors/executives (Hulette family connections) can impair perceived independence at the broader board level; Ecton remains independent .
-
Overall: Ecton’s independent chairmanship, legal and banking expertise, and committee participation support board effectiveness. Key governance watch items include the company’s permissive hedging/pledging policy and the OCC “troubled condition” status at First Federal of Kentucky, warranting heightened monitoring of compensation practices and related-party exposures .