Willie P. Obey
About Willie P. Obey
Willie P. Obey (age 75) is an independent director of Red River Bancshares, Inc. (RRBI) and Red River Bank, serving since 1998. He is President/owner of Obey Financial Group, LLC (consumer lending; founded 1993) and President of Willie Obey & Associates LLC (financial planning; founded 1980). He is a General Agent for Assurity Life and Lafayette Life and a lifetime and qualifying member of MDRT with 47 qualifying years, including 11 “Court of the Table” years (second-highest MDRT recognition). He previously served as a director of Security First National Bank (Alexandria, LA) from 1988–1991. The board classifies him as independent under Nasdaq and SEC rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Security First National Bank (Alexandria, LA) | Director | 1988–1991 | Prior bank board experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Obey Financial Group, LLC | President & Owner | Founded 1993 (current) | Personal consumer loans |
| Willie Obey & Associates LLC | President | Founded 1980 (current) | Financial planning services |
| Assurity Life; Lafayette Life | General Agent | Current | Insurance distribution |
| MDRT | Lifetime & qualifying member | 47 qualifying years; 11 “Court of the Table” | Industry distinction |
Board Governance
- Committee assignments: Audit Committee member (Chair: H. Lindsey Torbett); also serves on Red River Bank’s Directors’ Loan Committee (bank-level credit oversight).
- Independence: The board determined that all directors other than the CEO (R. Blake Chatelain) are independent; Obey is independent.
- Attendance and engagement: In 2024, the board met 8 times; independent directors held 4 executive sessions. Audit met 11 times; Compensation 2; Nominating & Corporate Governance 1. All incumbent directors attended at least 75% of their board and committee meetings. Obey is a signatory to the Audit Committee Report recommending inclusion of audited financials and selecting EisnerAmper for FY2025, evidencing active committee participation.
- Board tenure and eligibility: Directors generally cannot be re-elected after age 72 unless a “Founding Director” (served since April 1, 2007). Obey has served since 1998, aligning with the bylaw’s Founding Director exception.
Fixed Compensation
| Component (2024 Director Program) | Amount | Notes |
|---|---|---|
| Annual retainer | $10,000 | Non-employee directors |
| Board meeting fee (per meeting) | $1,500 | Company board meetings (no fee if held same day as Bank board for dual board members) |
| Audit Committee Chair fee (per meeting) | $500 | Chair only |
| Audit Committee member fee (per meeting) | $300 | Members |
| Other committee meeting fee (per meeting) | $200 | All other committees |
| Fee delivery election | Cash by default; may elect Company stock for board attendance fees | Stock issued on Jan 31 following year at closing price; committee fees cash-only |
| Director (2024) | Fees in Cash | Fees in Company Stock | Total |
|---|---|---|---|
| Willie P. Obey | $32,600 | $0 | $32,600 |
Directors are reimbursed for travel and related expenses and covered by indemnification; no option grants to directors are disclosed.
Performance Compensation
- Equity or options: The proxy does not disclose any RSU/PSU or option awards for directors; directors can opt to receive board attendance fees in stock (Obey elected 100% cash for 2024).
- Performance metrics: None disclosed for director pay; program is retainer and per-meeting based.
Other Directorships & Interlocks
| Company | Role | Committee/Notes |
|---|---|---|
| None disclosed | — | The proxy lists Obey’s background and current roles with no other current public company directorships disclosed. |
Expertise & Qualifications
- Financial services operator and advisor: Multi-decade leadership in consumer lending and financial planning; prior bank board experience.
- Insurance distribution: General Agent for major life insurers; MDRT lifetime member with 47 qualifying years and 11 “Court of the Table,” signaling sustained production and client advisory experience.
- Audit oversight: Active Audit Committee member; co-signed 2024 Audit Committee Report.
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding | Notes |
|---|---|---|---|
| Willie P. Obey | 15,732 | <1.0% | Per beneficial ownership table as of Feb 28, 2025 (6,777,657 shares O/S). No footnote indicates pledging. |
- Ownership alignment policy: Bylaws require director nominees to own Company stock with aggregate book value ≥ $20,000 (separate from executive stock ownership guidelines).
- Hedging/pledging: Directors strongly discouraged from hedging; prohibited from margin accounts; pledging requires prior approval and demonstration of repayment capacity. No specific pledging disclosure for Obey found in the proxy.
Governance Assessment
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Strengths
- Independence and tenure: Independent director with long institutional knowledge (since 1998), contributing to oversight continuity.
- Financial oversight: Active Audit Committee member; Audit Committee met 11 times in 2024; he co-signed the committee’s report and supported auditor selection (EisnerAmper).
- Attendance: Met at least the 75% threshold along with all incumbent directors, indicating baseline engagement.
- Ownership: Personal stake of 15,732 shares provides alignment; Company policies discourage hedging and restrict pledging.
-
Watch items / potential conflicts
- External financial services businesses: As owner of a consumer lending firm and financial planning firm, there is inherent overlap with banking services; the proxy states ordinary banking relationships with directors occur at market terms, are subject to Regulation O and related policies, and none were problem loans. No Obey-specific related-party transactions are disclosed. Continued monitoring of related-party reviews by the Nominating & Corporate Governance Committee is appropriate.
- Equity alignment in director pay: 2024 board compensation for Obey was 100% cash; while directors can elect stock for board attendance fees, he did not for 2024. Some peers prefer partial equity to enhance alignment.
-
Board structure
- Independent Chair (Teddy R. Price), with committee leadership clearly delineated: Audit (Torbett, Chair), Compensation (Price, Chair), Nominating & Corporate Governance (Price, Chair).
- Independent sessions held four times in 2024.
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Shareholder feedback mechanisms
- 2025 features first Say‑on‑Pay and a Say‑on‑Frequency vote; results to be filed on Form 8‑K within four business days post‑meeting.
RED FLAGS
- None identified specific to Obey in the proxy (no attendance shortfall, no related‑party transaction involving him, no pledging disclosed). Continue monitoring for any future related‑party dealings given his external lending/advisory businesses.
Appendix: Board & Policy References
- Meeting cadence and attendance thresholds (Board, Audit, Compensation, Nominating)
- Audit Committee membership and “financial expert” designation (Torbett)
- Director independence determination
- Director compensation program and 2024 director compensation table
- Beneficial ownership table as of Feb 28, 2025
- Hedging/pledging restrictions and ownership guidelines; director nominee share ownership requirement
- Audit Committee Report (includes Obey signature) and auditor selection for 2025