Daniel Dalton
About Daniel J. Dalton
Daniel J. Dalton is the independent Chairman of the Board of PKBK and Parke Bank, first elected in 2005, age 75 at December 31, 2024, with a current term expiring in 2027 . He retired as a salesperson for Brown & Brown of New Jersey, was President of Dalton Insurance Agency (1997–2007), and served as New Jersey Secretary of State (1992–1994) as well as in the New Jersey State Senate and Legislative Assembly; he has also served as an adjunct professor at Rowan University . His political and business experience is cited by the board as enhancing its depth .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Brown & Brown of New Jersey | Salesperson (retired) | Not disclosed | Business experience enhances board depth |
| Dalton Insurance Agency, LLC | President | 1997–2007 | Insurance/operations background |
| State of New Jersey | Secretary of State | 1992–1994 | Political experience cited by board |
| NJ State Senate & Legislative Assembly | Legislator | Not disclosed | Policy/government expertise |
| Rowan University | Adjunct Professor (Political Science & Economics) | Not disclosed | Academic perspective |
| Boys & Girls Club of Gloucester County | Founding Director & past President | Not disclosed | Community leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Jefferson Health System of New Jersey | Board of Trustees member | Not disclosed | Healthcare governance exposure |
| NJ Casino Reinvestment Development Authority | Board member (served) | Not disclosed | State development oversight |
Board Governance
- Role: Chairman of the Board (separate from CEO), enhancing independence and oversight .
- Independence: Board determined all non-employee directors other than Elizabeth A. Milavsky are independent; Dalton is a non-employee director and thus independent under Nasdaq rules .
- Attendance: No director attended fewer than 75% of board and committee meetings in 2022, 2023, or 2024 .
| Committee | Dalton Membership | Chair | Meeting Count 2022 | Meeting Count 2023 | Meeting Count 2024 |
|---|---|---|---|---|---|
| Audit | Member | Fred G. Choate (Chairman in 2022) | 5 | 4 | 4 |
| Compensation | Member | Not disclosed | 1 | 1 | 1 |
| Nominating | Member | Not disclosed | 1 | 1 | 1 |
| Board Activity | 2022 | 2023 | 2024 |
|---|---|---|---|
| Board meetings held (#) | 12 | 12 | 13 |
| Attendance threshold met (≥75%) | Yes | Yes | Yes |
The board explicitly endorses the separation of Chair and CEO roles; Dalton, as Chair, conducts regular strategy and risk discussions with management and supports oversight across Audit, Loan, Asset/Liability, and Risk committees .
Fixed Compensation
| Year | Fees Earned in Cash ($) | Total ($) |
|---|---|---|
| 2024 | 299,750 | 299,750 |
| Component (2024) | Amount ($) | Notes |
|---|---|---|
| Chairman Board Fee | 9,000 | Flat board fee |
| Chairman Retainer | 77,000 | Paid regardless of attendance |
| Chairman Bonus | 45,750 | Paid to chairman |
| Audit Committee Chairman Retainer | 38,000 | Paid to audit chair (Choate) |
| Vice Chairman Retainer | 25,000 | Paid to vice chair (Dobson) |
| Other Non-Employee Director Retainer | 17,000 | Paid to each other director |
| Committee Meeting Fees | Not disclosed (paid) | Paid to all non-employee directors |
| Total Board Fees (all directors) | 1,099,549 | Bank pays directors’ fees (no separate Company fees) |
2024 director compensation was cash-only; no stock or option grants to directors were reported for the year .
Performance Compensation
| Category | 2024 Disclosure | Metrics |
|---|---|---|
| Stock Awards (RSUs/PSUs) | None reported (cash-only compensation) | N/A |
| Option Awards (grants) | None reported (cash-only compensation) | N/A |
| Performance Metrics for Director Pay | Not disclosed for directors | N/A |
No director performance-linked metrics (e.g., TSR, revenue growth) tied to director compensation were disclosed in 2024 .
Other Directorships & Interlocks
| Type | Entity | Role | Public Company? | Notes |
|---|---|---|---|---|
| Healthcare | Jefferson Health System of NJ | Board of Trustees member | No | Non-profit/health system governance |
| State Authority | NJ Casino Reinvestment Development Authority | Board member (served) | No | State development authority |
| Public Company Boards (last five years) | None disclosed | — | — | Proxy biographies include other public company directorships if any; none cited for Dalton |
Expertise & Qualifications
- Political and government leadership spanning Secretary of State and legislative roles, enhancing stakeholder and regulatory navigation .
- Insurance and small-business operational experience through Dalton Insurance Agency and Brown & Brown .
- Academic engagement as adjunct professor, providing analytical and policy perspective .
Equity Ownership
| Metric | 2021 | 2025 |
|---|---|---|
| Shares Beneficially Owned | 188,589 | 167,665 |
| Percent of Class | 1.59% | 1.38% |
| Options Exercisable within 60 Days | 14,685 | 33,250 |
| Additional Ownership Detail (as of 12/31/2024 unless noted) | Value |
|---|---|
| Options outstanding (count) at 12/31/2024 | 36,250 |
| Shares pledged as collateral | None disclosed for Dalton (Dobson pledged 50,000) |
| Hedging/Pledging Policy | Company has not adopted anti-hedging or anti-pledging policy; hedging transactions are not prohibited |
Governance Assessment
- Independence and board leadership: Dalton is a non-employee independent director and the Chairman, with explicit board support for separating Chair and CEO roles—positive for oversight . Attendance thresholds were met in 2022–2024, although individual percentages are not provided .
- Committee engagement: Dalton serves on Audit, Compensation, and Nominating, with steady committee activity (Audit: 5x in 2022, 4x in 2023–2024; Comp and Nominating: 1x annually), indicating ongoing governance involvement .
- Compensation alignment: Director pay is cash-only with sizable chair retainer and bonuses; absence of equity grants weakens long-term alignment signals, though Dalton maintains material share ownership (1.38% in 2025) and options .
- Related-party exposure: The bank maintains related-party loans (aggregate principal $500,000 at 12/31/2024) on market terms; not attributed to Dalton specifically in disclosures .
- Policy red flags:
- No anti-hedging or anti-pledging policy—directors may hedge, which is misaligned with best-practice investor alignment standards (RED FLAG) .
- Pledging present at board level (Dobson), though none disclosed for Dalton; raises board-level risk tolerance concerns .
- Audit oversight: Presence of an Audit Committee financial expert (Choate) and frequent audit committee meetings supports financial reporting oversight; Dalton’s audit membership contributes to this framework .
Overall, Dalton’s long tenure, independence, and comprehensive committee participation support board effectiveness. The principal governance concern is PKBK’s permissive stance on hedging/pledging, coupled with cash-only director pay, which moderates ownership-alignment signals despite Dalton’s meaningful personal stake .