Bora Ozkan
About Bora Ozkan
Independent director of Quaint Oak Bancorp (QNTO) and Quaint Oak Bank; age 47. He is an Associate Professor of Finance at Temple University (since 2020), previously Assistant Professor (2014–2020), and serves as Academic Director of Temple’s Online MBA and Online BBA programs (since 2018). He holds advanced degrees in financial economics and business administration from the University of New Orleans (Dean’s Scholarship) and brings expertise in fintech, ESG, corporate finance, emerging markets real estate, and business education. He has served as a director since November 2022 (Bank board); the proxy lists him as an independent director of the Bancorp board.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Temple University | Associate Professor of Finance | 2020–present | Academic Director, Online MBA & Online BBA (since 2018) |
| Temple University | Assistant Professor of Finance | 2014–2020 | Managing Director, Capital Markets Room (2014–2020) |
External Roles
- No other public company directorships are disclosed in the proxy biography for Dr. Ozkan.
Board Governance
- Independence and service: The Board determined a majority of directors are independent; independent directors include Dr. Ozkan. He is listed among “Directors Whose Terms Expire in 2027,” indicating ongoing service following initial appointment in 2022 (Bank) and current Bancorp directorship.
- Committee assignments (Bancorp): The standing committees are Audit, Compensation, and Nominating & Corporate Governance; Dr. Ozkan is not listed as a member of any of these committees in the membership table.
- Committee chair role (Bank): Chairs the Strategic Banking Initiatives Committee; chair meeting fee $375 per meeting.
- Meetings and attendance: In 2024, the Board held 13 meetings; Audit met 10 times, Compensation once, and Nominating & Corporate Governance twice. No director attended fewer than 75% of Board and committee meetings.
- Annual meeting attendance: All directors attended the May 2024 annual meeting of shareholders.
- Board leadership: The CEO (Robert T. Strong) and Chairman roles are separated; Chair (Robert J. Phillips) is independent.
- Audit committee financial expert: The Board has not identified an Audit Committee member who meets the SEC’s definition of an “audit committee financial expert.”
- Related party/loans: Related persons may be bank customers; there were no loans outstanding to directors, executive officers, or related persons at 12/31/2024.
Governance metrics
| Metric (FY2024 unless noted) | Value |
|---|---|
| Board meetings held | 13 |
| Audit Committee meetings | 10 |
| Compensation Committee meetings | 1 |
| Nominating & Corporate Governance Committee meetings | 2 |
| Director attendance threshold | No director <75% |
| Annual meeting attendance (May 2024) | All directors attended |
| Audit Committee financial expert | None designated |
| Board leadership | Independent Chair; CEO not Chair |
Fixed Compensation
- Directors receive no compensation for membership on the Bancorp board; compensation is paid for Bank board service. Structure for 2024: $4,500 annual retainer; $575 per Bank board meeting; $300 per committee meeting; chair fees per meeting—Compensation Committee $375, Audit Committee $450, and ALCO, Risk Management, and Strategic Banking Initiatives Committees $375. The Chairman of the Board received $1,625 per month (role-specific, not applicable to Dr. Ozkan).
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Option Awards ($) | Total ($) |
|---|---|---|---|---|
| 2024 (Bank board) | 13,250 | 0 | 0 | 13,250 |
| 2024 Director Fee Structure (Bank) | Amount |
|---|---|
| Annual retainer | $4,500 |
| Board meeting fee (per meeting) | $575 |
| Committee meeting fee (per meeting) | $300 |
| Chair fee – Compensation (per meeting) | $375 |
| Chair fee – Audit (per meeting) | $450 |
| Chair fee – ALCO (per meeting) | $375 |
| Chair fee – Risk Management (per meeting) | $375 |
| Chair fee – Strategic Banking Initiatives (per meeting) | $375 |
| Chairman of the Board stipend (per month) | $1,625 |
| Bancorp board membership fee | $0 (no compensation) |
Performance Compensation
- 2023 equity awards (non-employee directors): 1,000 restricted shares and 5,000 stock options per director under the 2023 Stock Incentive Plan; vesting 20% per year commencing May 10, 2024; options have a $18.00 exercise price and expire May 10, 2033. No new director equity awards were granted in 2024.
| Grant Year | Award Type | Quantity | Vesting | Exercise Price | Expiration |
|---|---|---|---|---|---|
| 2023 | Restricted Stock | 1,000 | 20%/yr from May 10, 2024–May 10, 2028 | n/a | n/a |
| 2023 | Stock Options | 5,000 | 20%/yr from May 10, 2024–May 10, 2028 | $18.00 | May 10, 2033 |
No performance-vesting metrics were disclosed for director equity; awards vest on a time-based schedule.
Other Directorships & Interlocks
- Public company boards: None disclosed.
Expertise & Qualifications
- Fintech, ESG, corporate finance, emerging markets real estate, and business education; significant international marketing and strategy experience; advanced degrees in financial economics and business administration (University of New Orleans, Dean’s Scholarship).
Equity Ownership
| As-of Date | Beneficially Owned Shares | Ownership % | Exercisable Options within 60 days | Share Awards vesting within 60 days | Unvested Stock Awards at 12/31/24 | Options Outstanding at 12/31/24 |
|---|---|---|---|---|---|---|
| March 25, 2025 | 3,400 | 0.1% | 2,000 | 200 | 800 | 5,000 |
Beneficial ownership includes shares acquirable within 60 days via stock options and share awards, per SEC rules.
Governance Assessment
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Strengths
- Independent director with relevant finance and fintech/ESG expertise; contributes to strategic oversight and chairs a bank-level strategic committee.
- Attendance: Board met 13 times in 2024; no director fell below 75% attendance; all directors attended the May 2024 annual meeting.
- Alignment: Holds equity awards granted in 2023 with multi-year vesting; beneficial ownership reported at 3,400 shares (0.1%).
- No related-party loans outstanding to directors or related persons at year-end 2024.
-
Potential risk indicators and watch items
- Not listed on Bancorp’s Audit, Compensation, or Nominating & Corporate Governance Committees; may limit influence on key oversight committees.
- The Nominating & Corporate Governance Committee is chaired by the CEO (management on a key governance committee); investors often prefer fully independent nominating committees.
- The Audit Committee has no designated “financial expert” per SEC definition, a governance quality concern for some investors.
- Compensation Committee met only once in 2024; monitor cadence versus scope of responsibilities.
- Say-on-pay frequency proposal: Board recommends triennial; some shareholders prefer annual votes for accountability—watch future engagement outcomes.