Trever Bransteter
About Trever Bransteter
Trever A. Bransteter is Senior Vice President of Mortgage Lending at Mercer Savings Bank (MSBB) since March 2023; he joined the bank as a loan officer in 2014. He attended The Ohio State University, majoring in Business and Marketing, and was 43 years old as of the December 26, 2024 record date . He is not a director of MSBB and serves as an executive officer who is not a director .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Mercer Savings Bank | Loan Officer | 2014–Mar 2023 | Originations/credit production in mortgage lending |
| Mercer Savings Bank | SVP, Mortgage Lending | Mar 2023–present | Leads mortgage lending function |
External Roles
No external directorships or outside positions for Mr. Bransteter are disclosed in the proxy .
Fixed Compensation
Multi-year cash compensation and retirement contributions:
| Metric (USD) | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary | $82,513 | $87,615 |
| Bonus (Discretionary) | $0 | $0 |
| All Other Compensation (401(k) + ESOP) | $6,098 | $13,178 |
| Total Fixed (Salary + Bonus + All Other) | $88,611 | $100,793 |
Notes:
- All Other Compensation detail for 2024: 401(k) profit-sharing $6,634 and ESOP contribution $6,544 .
- Discretionary bonuses in 2024 applied to other executives; Mr. Bransteter did not receive one .
Performance Compensation
| Incentive | Metric(s) | Weighting | Target | Actual | Payout (USD) | Vesting |
|---|---|---|---|---|---|---|
| Annual Non-Equity Incentive (FY 2023) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | $69,943 | Cash (no equity vesting) |
| Annual Non-Equity Incentive (FY 2024) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | $107,140 | Cash (no equity vesting) |
Equity plan context:
- MSBB’s 2025 Equity Incentive Plan (effective upon stockholder approval on Feb 25, 2025) enables grants of restricted stock/RSUs and stock options with a minimum one-year vesting; performance goals may be established by the Compensation Committee; awards are subject to clawback and anti-hedging/pledging policies; double-trigger change-in-control vesting applies (accelerate upon CIC plus involuntary termination/good reason unless not assumed by acquiror) .
- As of the proxy date, no employee awards (including for Mr. Bransteter) had been granted; the Committee intends to allocate awards to senior executives after plan approval .
Equity Ownership & Alignment
| Ownership Item | Detail |
|---|---|
| Beneficially Owned Shares | 2,654 shares, including 654 ESOP-allocated |
| Shares Outstanding (Record Date 12/26/2024) | 1,022,970 |
| Ownership as % of Outstanding | 0.259% (calc: 2,654 / 1,022,970) |
| Vested vs. Unvested Shares | Not disclosed in proxy |
| Stock Options (Exercisable/Unexercisable) | None disclosed for Mr. Bransteter |
| Shares Pledged as Collateral | None disclosed; company policy generally prohibits pledging, with narrow exceptions requiring board approval |
| Stock Ownership Guidelines | Not disclosed |
| Hedging/Pledging Policy | Directors and officers are prohibited from hedging, short sales, and pledging (subject to rare board-approved pledge exception); margin accounts prohibited |
| Clawback Policy | Plan awards subject to company clawback including Dodd-Frank Section 954 |
Employment Terms
| Term | Mr. Bransteter |
|---|---|
| Employment Agreement | Not disclosed; employment agreements exist only for CEO (Parmiter) and SVP Operations (Bigham) |
| Severance/Change-of-Control | Not disclosed for Mr. Bransteter; equity plan provides double-trigger vesting for awards upon CIC + involuntary termination/good reason or if awards not assumed |
| Non-Compete/Non-Solicit | Not disclosed for Mr. Bransteter |
| Insider Trading & Anti-Hedging/Pledging | Policy prohibits hedging/pledging/short sales; margin accounts prohibited |
| Deferred Compensation | RSUs may be subject to deferral elections under Section 409A in plan design |
Related Party Transactions
Employee loan program participation (reduced-rate loans per policy) and status as of FY 2024:
| Name | Type of Loan | Largest Aggregate Balance (10/1/23–9/30/24) | Principal Balance (9/30/24) | Principal Paid (FY24) | Interest Paid (FY24) | Interest Rate |
|---|---|---|---|---|---|---|
| Trever Bransteter | Home Mortgage | $576,235.07 | $563,686.52 | $12,548.55 | $13,335.13 | 2.980% |
| Trever Bransteter | Land Loan | $100,000.00 | $99,373.99 | $626.01 | $1,217.74 | 7.125% |
Loans to executives/directors are made in the ordinary course on substantially similar terms to those available to employees under program rules and were performing per original terms, in compliance with federal banking regulations .
Compensation Committee Analysis
- Composition: Directors Keiser, Fee, and Boley .
- Meetings: Compensation Committee met one time during year ended Sept 30, 2024 .
- Advisors: Committee did not engage a compensation advisor in 2024; considers individual responsibility/performance, overall company performance, and peer group analysis at comparable institutions .
- Charter and oversight: Oversees executive compensation and equity/incentive plans; CEO excluded from deliberations on his own pay; charter available on website .
Compensation Structure Analysis
- Pay Mix: In FY 2024, non-equity incentive represented ~51.5% of Mr. Bransteter’s total compensation ($107,140 / $207,933) (calc) . Year-over-year, total compensation rose ~31.1% ($207,933 vs. $158,554) (calc) .
- Equity Exposure: No equity awards disclosed yet; ownership consists of common shares and ESOP allocations, with company policies limiting hedging/pledging to strengthen alignment .
- Plan Design Evolution: The 2025 Equity Plan introduces potential RSUs/options with minimum vesting, performance goals, clawback, and double-trigger CIC vesting, indicating a shift toward longer-term equity-linked incentives post-approval .
Investment Implications
- Alignment and future equity: Anti-hedging/pledging and clawback policies support alignment; adoption of the 2025 Equity Plan should increase long-term equity-linked incentives for senior executives (including Mr. Bransteter) after approval, with performance-goal capability and double-trigger CIC mechanics .
- Retention and contract risk: Mr. Bransteter is not party to a disclosed employment agreement (unlike CEO and SVP Operations), which reduces guaranteed severance economics and may modestly elevate retention risk relative to peers with contracts .
- Near-term selling pressure: With no disclosed equity grants yet and prohibitions on hedging/pledging/margin accounts, insider selling pressure from vesting events appears limited pre-plan awards; director grants are five-year ratable vesting and employee grants are to be determined .
- Performance sensitivity: High variable cash incentive weighting (51.5% of FY 2024 total) suggests pay responsiveness to operating results in mortgage lending; however, specific performance metrics/weights were not disclosed, limiting visibility into pay-for-performance calibration .