Anthony Imbesi
About Anthony M. Imbesi
Independent director of Meridian Corporation (MRBK), age 51; on the board since 2005. Vice President of Patriarch Management, a private real estate investment firm; trustee of the Patriarch Family Foundation; member of the Drexel LeBow School Finance Advisory Council. Education: B.A., Villanova University; MBA, Drexel University. His bio emphasizes real-estate investment expertise and long tenure on MRBK’s board, indicating deep institutional knowledge .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Patriarch Management | Vice President | Not disclosed | Private real-estate investing; domain expertise relevant to bank CRE lending dynamics |
| Patriarch Family Foundation | Trustee | Not disclosed | Philanthropy; community ties in Delaware Valley |
| Drexel LeBow School Finance Advisory Council | Member | Not disclosed | Advisory role; finance community engagement |
External Roles
| Entity | Type | Position | Notes |
|---|---|---|---|
| Patriarch Management | Private company | Vice President | Real estate investment, ownership/management/development focus |
| Patriarch Family Foundation | Non-profit | Trustee | Focus on education, health, well-being in Delaware Valley |
| Drexel LeBow School | Academic | Finance Advisory Council member | Advisory/industry linkage |
Board Governance
- Independence: Board-designated independent director; MRBK discloses him as independent under SEC/Nasdaq rules .
- Roles: Chair, Compensation Committee; Member, Audit Committee; Member, Risk Management Committee (comprised of all independent directors); Member, Governance & Nominating Committee (comprised of all independent directors) .
- Attendance: In 2024, all directors attended at least 90% of board and committee meetings for which they served (strong engagement) .
- Committee structures and cadence (2024): Audit (11 meetings; independent; Holland as chair), Compensation (3; Imbesi as chair), Risk Management (4; includes all independents), Governance & Nominating (10; all independents), Loan (12; Imbesi is not a member) .
- Lead independent director: Robert T. Holland; executive sessions chaired by the Lead Director (supports independent oversight) .
- Governance policies: Anti-hedging and pledging prohibitions; clawback policy adopted Nov 21, 2023 (recoupment of incentive/equity if results are restated or materially inaccurate) .
Fixed Compensation (Director)
| Item | Amount | Notes |
|---|---|---|
| 2024 Fees Earned (Imbesi) | $58,400 | Cash fees for board/committee service |
| Quarterly Board Retainer (all members) | $10,400 | Per quarter |
| Quarterly Lead Independent Director | $3,100 | Per quarter (role held by Holland) |
| Quarterly Committee Chair | $2,100 | Per quarter (Imbesi chairs Compensation Committee) |
| Quarterly Committee Member (non-chair) | $1,600 | Per quarter (Imbesi is a member of Audit; also serves on Risk and G&N which include all independents) |
Directors are eligible under the 2016 Equity Incentive Plan but no stock options were granted to directors in 2024 .
Performance Compensation (as Compensation Committee Chair)
- No performance-based director equity grants disclosed for 2024; compensation for directors appears primarily cash retainer/fees .
- As Compensation Committee Chair, Imbesi oversaw NEO incentive metrics for 2024. Corporate performance measures: commercial loan growth and ROAE, each weighted 20% within the corporate (formulaic) portion of the short-term incentive; remaining portion was discretionary (subjective) .
2024 NEO performance metrics (corporate portion)
| Metric | Target | Result | Performance Payout vs Target |
|---|---|---|---|
| Commercial loan growth (YoY at 12/31/24) | > 9% | 12% | ≤ 100% |
| Return on average equity (FY 2024) | > 10.1% | 9.9% | ≤ 98% |
Other Directorships & Interlocks
| Company | Public? | Role | Notes |
|---|---|---|---|
| — | — | — | No other public-company directorships disclosed |
Expertise & Qualifications
- Real estate investment/operations: VP, Patriarch Management; domain overlap with bank CRE lending and risk dynamics .
- Education: B.A. Villanova; MBA Drexel University .
- Board tenure: Director since 2005; sustained institutional knowledge .
- Independence and committee breadth: Serves on Audit; chairs Compensation; participates in Risk and G&N (all-independent committees), supporting governance oversight .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Anthony M. Imbesi | 386,234 | 3.42% | Includes interests owned by Patriarch Investments LP (he owns 24.9975% and is the trustee) |
- Shares outstanding as of record date (for context): 11,285,278 .
- Company policy prohibits hedging and pledging, which mitigates alignment risks (individual pledging not disclosed) .
Insider Trades (Form 4)
| Transaction Date | Filing Date | Type | Shares | Price | Post-Transaction Holdings | Source |
|---|---|---|---|---|---|---|
| 2024-03-05 | 2024-03-06 | Open market purchase | 1,000 | $9.854 | 383,634 | https://www.sec.gov/Archives/edgar/data/1750735/000175073524000011/0001750735-24-000011-index.htm |
| 2024-08-19 | 2024-08-20 | Open market purchase | 1,000 | $10.74 | 384,634 | https://www.sec.gov/Archives/edgar/data/1750735/000175073524000060/0001750735-24-000060-index.htm |
| 2025-08-27 | 2025-08-28 | Open market purchase | 522 | $15.725 | 385,156 | https://www.sec.gov/Archives/edgar/data/1750735/000175180725000005/0001751807-25-000005-index.htm |
Pattern of open-market purchases in 2024–2025 signals alignment and confidence; post-transaction beneficial ownership remains among the highest on the board and SEC Form 4s above.
Say-on-Pay & Shareholder Feedback (context)
| Measure | 2024 | 2025 |
|---|---|---|
| Say-on-Pay votes | For: 7,964,057; Against: 167,326; Abstain: 591,093 | For: 7,170,396; Against: 967,760; Abstain: 24,206 |
Annual say-on-pay received strong support in 2024 and remained supportive in 2025, suggesting investor tolerance for the compensation framework overseen by the Compensation Committee .
Related-Party Transactions (Conflict Review)
- Ordinary-course lending: Aggregate outstanding loans to all executive officers, directors, or their affiliates were ~$1.0 million as of 12/31/2024; MRBK states these comply with Regulation O and are on market terms; Board independence determinations contemplate vendor/contractual relationships as well .
- Ownership footnote: Imbesi’s beneficial ownership includes interests via Patriarch Investments LP (he owns ~25% and is trustee), which merits monitoring for any transactions involving that entity; no specific related-party transactions with Patriarch Management or Patriarch Investments are disclosed .
Governance Assessment
Positives
- Independent director; chairs Compensation and sits on Audit, Risk, and G&N, indicating centrality in pay, financial reporting oversight, and enterprise risk governance .
- Strong engagement: Board/committee attendance ≥90% in 2024 .
- Material skin-in-the-game: 386,234 shares (3.42% of class) plus repeated open-market purchases in 2024–2025, aligning interests with shareholders and SEC Form 4s above.
- Governance safeguards: Anti-hedging/pledging policy; clawback policy implemented in Nov 2023; key committees fully independent .
- Shareholder support: Say-on-pay approved in 2024 and 2025, signaling investor confidence in the compensation framework overseen by the committee he chairs .
Potential Risks / Watch Items
- Industry overlap: Senior role in a real-estate investment firm while MRBK has CRE exposure; although no related-party transactions are disclosed, continue monitoring for potential conflicts or transactions with companies in which he has an interest (board independence assessments and Reg O governance partially mitigate) .
- Concentrated influence: Dual role as Compensation Chair and Audit Committee member increases governance responsibility; ensure sustained independence and robust processes (Audit Committee is fully independent; an Audit Committee Financial Expert is designated—Holland) .
Overall, Imbesi presents as a highly engaged, independent director with meaningful ownership and recurring insider purchases—a constructive signal for alignment—while his real-estate affiliations warrant ongoing conflict monitoring despite current clean disclosures and SEC Form 4s above.