Patrick G. Sobers
About Patrick G. Sobers
Independent director of NBHC since 2021, age 67, with 30+ years in financial services and banking across leadership roles at NBH Bank and Bank of America. He serves on NBHC’s Audit & Risk Committee and Nominating & Governance Committee, and sits on the boards of NBH Bank and Bank of Jackson Hole Trust; the Board affirmed his independence in February 2025 under NYSE and SEC standards. Education: Bachelor of Applied Science in Business Administration. The Board held five meetings in 2024; each director attended at least 75% of Board and committee meetings and all directors attended the annual meeting; executive sessions (without management) occurred four times.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NBH Bank | EVP, Head of Business and Consumer Banking | — | Led business and consumer banking; prior senior NBH leadership role. |
| Bank of America | Southeast Region Consumer Banking Executive | — | Senior leadership in consumer banking. |
| Bank of America | Customer Service & Solutions Executive | — | Customer operations leadership. |
| Bank of America | Premier Banking & Investments Regional Executive (FL & GA) | — | Wealth/affluent segment leadership. |
| Bank of America | Tampa Market President | — | Local market leadership. |
External Roles
| Organization | Role | Type | Committees/Impact |
|---|---|---|---|
| NBH Bank | Director | Subsidiary | Board oversight of banking operations. |
| Bank of Jackson Hole Trust | Director | Subsidiary | Board oversight; trust business governance. |
| Denver Seminary | Finance Committee Chair and board member | Non-profit | Chairs finance; fiscal oversight. |
| Moffitt Cancer Center Foundation | Foundation board member | Non-profit | Community impact and fundraising. |
| Third Way Center | Board Treasurer | Non-profit | Financial stewardship. |
| NBHC Doing Good Committee | Board liaison | Internal | ESG/community engagement oversight. |
Board Governance
- Committee assignments: Audit & Risk Committee; Nominating & Governance Committee. Not a committee chair.
- Independence: Affirmed by Board (Feb 2025); all directors independent except the CEO.
- Attendance and engagement: 5 Board meetings in 2024; each director ≥75% attendance; all directors attended annual meeting; Board and committees held regular executive sessions (Board: four in 2024).
- Lead Independent Director structure: Independent Lead Director presides; robust executive session cadence; committees entirely independent.
- Audit & Risk Committee met quarterly (4x in 2024); oversees financial reporting, internal audit, cybersecurity, risk appetite.
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual cash retainer | $75,000 | Paid quarterly, in arrears; non-employee directors only. |
| Committee chair fees | $0 | Not a chair; Audit & Risk chair $30,000; Comp/N&G chairs $20,000. |
| Lead Independent Director premium | $0 | Applies to Lead Director only (+$10,000). |
| Meeting fees | $0 | No individual meeting fees. |
| Total cash (2024) | $75,000 | Director compensation table. |
Performance Compensation
| Equity Component | Grant Value | Grant Timing | Vesting Schedule | Unvested at 12/31/2024 |
|---|---|---|---|---|
| Restricted stock (annual grant) | $120,000 | Granted on annual meeting date | 50% vests 180 days after grant; 50% vests immediately preceding next annual meeting; continued service required. | 1,795 shares |
| Total equity (2024) | $120,000 | — | As above | — |
Director stock ownership guidelines and compliance:
- Guideline: 5x annual Board cash retainer within 5 years; retain 50% of after-tax vested shares until threshold met.
- Compliance: As of March 10, 2025, all applicable directors were in compliance except Ms. Gupta and Ms. Doyle. (Sobers in compliance.)
Other Directorships & Interlocks
| Company | Public Company? | Role | Potential Interlock/Conflict |
|---|---|---|---|
| NBH Bank | No (subsidiary) | Director | Ordinary-course banking relationships overseen; consistent with policy. |
| Bank of Jackson Hole Trust | No (subsidiary) | Director | Ordinary-course transactions allowed if on market terms. |
| Denver Seminary | No | Finance Committee Chair | Non-profit; no NBHC conflict disclosed. |
| Moffitt Cancer Center Foundation | No | Board member | Non-profit; no NBHC conflict disclosed. |
| Third Way Center | No | Treasurer | Non-profit; no NBHC conflict disclosed. |
Expertise & Qualifications
- 30+ years in financial services; banking leadership spanning retail/consumer, wealth, market management; prior EVP at NBH Bank.
- Committee fit: Audit & Risk (risk, controls, cybersecurity oversight); Nominating & Governance (director selection, governance policy, related-party transaction oversight).
- Community/ESG engagement via “Doing Good” liaison; finance oversight in non-profits.
- Education: Bachelor of Applied Science in Business Administration.
Equity Ownership
| Category | Amount | As-of Date | Notes |
|---|---|---|---|
| Total beneficial ownership (shares) | 20,161 | March 10, 2025 | Includes 1,795 unvested restricted shares with voting power. |
| Shares outstanding basis | 38,383,897 | March 10, 2025 | 38,094,105 common + 289,792 unvested restricted (voting). |
| Ownership % of outstanding | ~0.0526% | Calculated | 20,161 / 38,383,897. |
| Unvested restricted shares | 1,795 | Dec 31, 2024 | Voting rights apply. |
| Pledging/Hedging | Policy prohibits | Current policy | Insider Trading Policy prohibits hedging and pledging for designated persons. |
Insider Trades (last 24 months)
| Date | Transaction | Shares | Price | Value | Notes |
|---|---|---|---|---|---|
| 2024-07-26 | Sale | 15,876 | $43.10 | ~$684,221 | Disclosed in Form 4; part of multiple transactions. |
| 2024-07-26 | Sale | 2,862 | $43.12 | ~$123,444 | Disclosed in Form 4. |
| 2024-07-26 | Option exercises | — | $23.10–$34.08 | $474,585 (acquired value) | Exercise prices reported; not open market purchases. |
| 2025-10-27 | Shares withheld for taxes on vesting | — | — | — | Withholding upon vesting of 04/30/2025 director restricted stock grant; Form 4 filed 10/29/2025. |
Aggregate insider activity context: Third-party trackers show net insider sales at NBHC over 2H 2024–early 2025, with Sobers selling 18,738 shares (~$807,665). Use caution in interpreting sales given option exercises and tax-withholding events.
Governance Assessment
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Strengths
- Independence confirmed; sits on two key committees (Audit & Risk; Nominating & Governance) aligned with his banking risk and leadership background.
- Solid engagement: ≥75% attendance; executive sessions held regularly; robust committee cadence (Audit & Risk met quarterly).
- Ownership alignment: Beneficial holdings, voting rights on unvested restricted stock, compliance with 5x retainer stock ownership guideline.
- Governance safeguards: Prohibition on hedging/pledging; related-party transactions reviewed under formal policy; ordinary-course banking relationships conducted on market terms.
-
Watch items / potential red flags
- Prior NBH executive role could raise perceived familiarity risks, but Board has affirmed independence under NYSE/SEC rules; monitor ongoing objectivity in oversight.
- Insider sales in July 2024 (18,738 shares) and broader insider net selling at NBHC; while commonly tied to diversification or option exercises, continued selling across insiders warrants monitoring for signaling risk.
-
Overall: Sobers presents as an experienced, engaged independent director with relevant banking and risk oversight expertise, aligned through equity and stock ownership guidelines, and operating within NBHC’s established governance controls.
Appendix: Committee Membership Snapshot (as of proxy date)
| Committee | Members |
|---|---|
| Audit & Risk | Ralph W. Clermont (Chair), Robert E. Dean, Robin A. Doyle, Alka Gupta, Fred J. Joseph, Patrick Sobers, Micho F. Spring, Art Zeile. |
| Nominating & Governance | Robert E. Dean (Chair), Ralph W. Clermont, Fred J. Joseph, Patrick Sobers, Micho F. Spring. |
| Compensation | Art Zeile (Chair), Ralph W. Clermont, Robert E. Dean, Alka Gupta. |
References
- DEF 14A (2025-03-28):
- SEC Form 4 (tax withholding event):
- StreetInsider Form 4 summary:
- Investing.com insider sale details (2024-07-26):
- Insider activity context: