Jeffrey Jackson
About Jeffrey A. Jackson
Independent director of Richmond Mutual Bancorporation, Inc. (RMBI) since 2018; age 69 at December 31, 2024 . Jackson is a Certified Public Accountant (CPA) and Personal Financial Specialist (PFS), serves as Audit Committee Chair and is designated the Board’s “audit committee financial expert,” reflecting deep finance and accounting expertise . He has long-standing regional accounting experience at Brady Ware & Company and extensive community board service in RMBI’s markets . The RMBI Board and First Bank Richmond Board have identical membership; RMBI meets quarterly (plus specials) and the bank board meets monthly, supporting active engagement .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Brady Ware & Company | Director; previously Executive Committee member | Joined 1980; Director since 1989; served on Executive Committee until Dec 2018 | Represents clients across industries with focus on tax and financial planning for closely held businesses |
| United States Army | Service | Post–high school; prior to college | Public service background; discipline and leadership foundation |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Economic Development Corporation of Wayne County | Director | Nearly ten years (as disclosed) | Regional economic development oversight; local market insight |
| IU East School of Business and Economics | Business Advisory Council member | Current | Academic-industry linkage; talent pipeline and curriculum input |
| Richmond Symphony Orchestra | Board member | Current | Cultural community engagement |
| Reid Health Foundation | Prior board member | Prior service | Healthcare philanthropy governance |
| Forest Hills Country Club | Prior board member; served as President | Prior service | Nonprofit governance leadership |
Board Governance
- Independence: Board determined Jackson is “independent” under Nasdaq and SEC rules .
- Committee assignments: Audit Committee Chair (Jackson, Hanley, Girten); Audit met 4 times in 2024 . Corporate Governance & Nominating Committee member (Blum Chair; Girten, Wetzel, Jackson); CGN met once in 2024 . Not a member of Compensation Committee (Wetzel Chair; Girten, Hanley) .
- Attendance and engagement: In 2024, RMBI’s Board held 4 regular and 2 special meetings; First Bank Richmond’s Board held 12 regular meetings; no incumbent director attended fewer than 75% of aggregate Board and committee meetings on which they served .
- Board leadership: CEO is also Chairman; Board has designated a Lead Director (currently Blum) to preside over executive sessions and liaise with the Chair .
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Option Awards ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|
| 2024 | 42,700 | — | — | 2,954 (restricted share dividends) | 45,654 |
- Director fee structure (context): RMBI Board retainer $12,000; First Bank Richmond Board retainer $14,500; $1,000 per First Bank Richmond Board meeting; $250 per committee meeting; $300 per meeting for Committee Chair; included in table above .
Performance Compensation
| Item | Detail |
|---|---|
| Restricted Stock | 3,517 shares scheduled to vest June 30, 2025 |
| Stock Options (total underlying) | 40,580 underlying options held per director (Blum 36,580); 8,116 options scheduled to vest June 30, 2025 |
| 2024 Stock/Option Grants | None in 2024 (Stock Awards and Option Awards columns are “—”) |
| Vesting/Acceleration | Vesting accelerates upon death, disability, or change in control; if service terminates other than death/disability/change in control, non‑vested awards canceled; exercise period on vested options reduced to 3 months |
| Performance Metrics Tied to Director Compensation | None disclosed |
Note: Beneficial ownership counts include only options exercisable within 60 days per SEC rules; total underlying option holdings disclosed separately in director compensation footnotes .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed |
| Private/nonprofit boards | EDC of Wayne County; Richmond Symphony Orchestra; Business Advisory Council at IU East |
| Interlocks/potential conflicts | Daughter (Kristi Herig) employed as SVP of leasing operations at First Bank Richmond; compensation $134,273 (2024) and $130,850 (2023) |
Expertise & Qualifications
- CPA and PFS credentials; designated “audit committee financial expert” by RMBI’s Board .
- Education: Magna Cum Laude in Accounting, Ball State University .
- Sector expertise: Tax and financial planning for closely held businesses; broad exposure to manufacturing, contracting, retail, agriculture, and professional services .
Equity Ownership
| Holder | Shares/Units | Notes |
|---|---|---|
| Total beneficial ownership | 97,089; less than 1% of outstanding | |
| Restricted stock (unvested) | 3,517; sole voting, no investment power | |
| Spouse IRA | 18,000; shared voting/investment power | |
| Stock options (beneficial for SEC purposes) | 32,464; no voting/dispositive power | |
| Shares outstanding (record date) | 10,581,042 (context for % calc) |
- Insider trading policy prohibits pledging and hedging by directors and executives; no margin accounts or hedging instruments permitted, supporting alignment .
Governance Assessment
- Strengths: Independent director; Audit Chair and designated financial expert; consistent attendance (≥75%) with active committee participation; robust insider trading policy banning pledging/hedging enhances alignment .
- Compensation/Alignment: Modest cash compensation with small dividend component; no new equity grants in 2024; holds unvested restricted shares and legacy options, creating ongoing equity exposure . Beneficial ownership is <1% of shares outstanding, but includes family IRA holdings and exercisable options under SEC rules .
- Potential conflicts: Related-party exposure via daughter employed as SVP with >$120,000 compensation (2024), disclosed as a related-party transaction; loans to directors permitted under banking rules were made on market terms and performing .
- Board structure risk: Combined CEO/Chair mitigated by Lead Director and committee oversight; risk oversight described as active across Audit and IT committees .
RED FLAGS
- Related-party transaction: Daughter’s employment and compensation ($134,273 in 2024) at the subsidiary bank may present perceived conflict; monitored via disclosure and independence review .
- Equity concentration: None—no pledging allowed; options and restricted shares are standard and subject to accelerated vesting upon change in control .
Net Takeaway for Investors: Jackson brings strong audit oversight and local market insight with formal independence and solid attendance. The disclosed family employment at the bank is a potential optics issue but is transparently reported; overall governance signals are neutral-to-positive given his audit chair role, expertise, and alignment policies in place .