Gene Crane
About Gene Crane
Executive Vice President, River Region President, and Business Banking Manager at River Financial Corporation (River Bank & Trust) since 2011; age 60 as of December 31, 2024 . Career banker since 1987 with leadership roles across business banking and commercial lending, including a 15-year regional presidency at Whitney National Bank; active on local boards . Company performance during recent years shows net income growth despite mixed revenue trends, indicating disciplined profitability; executive cash incentives are tied to net income vs budget, aligning some pay with performance .
Company Performance Snapshot
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenues ($USD) | $14.542M* | $12.241M* | $20.597M | $15.408M |
| Net Income ($USD) | $25.036M | $27.929M | $26.739M | $31.317M |
Values retrieved from S&P Global for asterisked cells.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| River Bank & Trust | EVP; River Region President; Business Banking Manager | 2011–present | Leads business banking across River Region; executive officer for RVRF |
| Whitney National Bank | Central Alabama Region President | ~15 years | Regional P&L leadership; commercial lending growth |
| First Alabama Bank | Commercial Lending Manager | ~5 years | Built commercial lending capabilities |
| AmSouth Bank | Business Banking Manager | ~4 years | Early leadership in business banking |
External Roles
Active in the community while serving on several local boards; specific organizations not disclosed .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Cash Bonus ($) | All Other Compensation ($) | Notes |
|---|---|---|---|---|---|
| 2024 | 248,769 | Not disclosed | 99,960 | 34,597 | “All Other” includes medical/dental $11,491; gap $1,727; life/AD&D $1,098; LTD $336; company vehicle $7,544; 401(k) match $12,401 |
| 2023 | 244,500 | Not disclosed | 61,250 | 35,810 | “All Other” includes medical/dental $12,158; gap $2,115; life/AD&D $1,098; LTD $336; company vehicle $7,503; 401(k) match $12,600 |
Performance Compensation
| Year | Incentive Type | Metric | Weighting | Target | Actual | Payout ($) | Vesting |
|---|---|---|---|---|---|---|---|
| 2024 | Non-Equity Incentive (Cash) | Company Net Income vs Budget | Not disclosed | Not disclosed | Not disclosed | 99,960 | Cash, immediate |
| 2023 | Non-Equity Incentive (Cash) | Company Net Income vs Budget | Not disclosed | Not disclosed | Not disclosed | 61,250 | Cash, immediate |
| 2025 Grants | Restricted Stock | Time-based service | Not applicable | Not applicable | Not applicable | Grant of 5,000 shares | 5-year vesting; accelerates on change-of-control, death, or disability |
- Program design: Named executives eligible for annual cash awards based on net income vs budget; equity via options and restricted stock under 2015 and 2025 plans .
- The 2025 Plan prohibits option repricing (exercise price cannot be reduced) and sets max individual grants at 40,000 shares per fiscal year .
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Total Beneficial Ownership | 28,640 shares; 0.37% of outstanding as of March 3, 2025 |
| Vested vs Unvested (Restricted Stock) | 2022 grant: 2,000 shares; 800 vested; 1,200 unvested; non-vested MV $47,400 at $39.50/share; 5-year vesting |
| 2025 Restricted Grant | 5,000 shares; 5-year vesting beginning 1/15/2025 |
| Options – Exercisable | 500 @ $15.00 (granted 1/14/2015; exp 1/14/2025); 7,500 @ $27.00 (granted 1/16/2019; exp 1/16/2029) |
| Options – Vested not exercised | Footnote indicates 8,700 vested options not yet exercised |
| Pledging/Hedging | Not disclosed |
| Ownership Guidelines & Compliance | Not disclosed |
Outstanding Equity Awards Detail (as of 12/31/2024)
| Name | Exercisable Options (#) | Exercise Price ($) | Grant Date | Expiration Date | Vesting Schedule |
|---|---|---|---|---|---|
| Gene Crane | 500 | 15.00 | 1/14/2015 | 1/14/2025 | 5 years (20% per year) |
| Gene Crane | 7,500 | 27.00 | 1/16/2019 | 1/16/2029 | 5 years (20% per year) |
| Restricted Stock Grant | Shares Granted | Vested | Non-vested | Grant Date | Vesting Period | Non-vested Market Value |
|---|---|---|---|---|---|---|
| 2022 Grant | 2,000 | 800 | 1,200 | 1/1/2022 | 5 years | $47,400 at $39.50/share |
| 2025 Grant | 5,000 | Not disclosed | Not disclosed | 1/15/2025 | 5 years | Not disclosed |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment Agreement | Company does not have employment agreements with executive officers |
| Change-of-Control Agreement | Double-trigger for Gene Crane; term 24 months, renews annually |
| Change-of-Control Benefits | If within two years after a change in control, resigns for good reason or terminated other than for cause: lump sum cash equal to 1.5x the Bank’s annual premium contributions for group life, LTD, and health insurance benefits |
| CEO/President CoC (for context) | 2.99x base amount of compensation on change of control; plus 3x benefits if terminated within 3 years (not applicable to Crane) |
| Vesting Acceleration on CoC | Options/SARs become fully exercisable; restricted stock/RSUs fully vest on CoC, death, or disability |
| Non-compete/Non-solicit | Not disclosed |
| Clawbacks/Forfeiture | Awards forfeitable for embezzlement, fraud, dishonesty, breach of fiduciary duty, or “bad act” determinations |
| Tax Gross-ups | Not disclosed; Section 280G excise tax implications described (no gross-up language) |
| SERP | Non-qualified supplemental executive retirement plan; lifetime annual benefit of ~$75,000 at retirement for Crane, subject to vesting/conditions |
Investment Implications
- Pay-for-performance alignment: Crane’s annual cash incentive is explicitly linked to Company net income vs budget, and equity awards are time-based with vesting aligned to retention; 2024 cash payout increased to $99,960 alongside net income rising to $31.3M, suggesting compensation sensitivity to profitability .
- Retention profile: Significant time-based restricted stock (2022 and new 2025 grants) and vested options support retention; the SERP’s lifetime benefit (~$75K/year) further anchors tenure; double-trigger CoC protections exist but cash severance (for non-CEO/President) references only benefits multiples, not salary/bonus, limiting windfall risk while providing protection .
- Selling pressure: 5-year vesting cadence on restricted stock (2022 and 2025 awards) implies periodic vest dates that could create incremental liquidity events; options at $27.00 expiring in 2029 remain exercisable, while the 2015 tranche expired in 2025—monitor Form 4 activity for actual sells/exercises (API access error prevented retrieval) .
- Governance and red flags: No evidence of option repricing (explicitly prohibited by plan), no disclosed pledging or tax gross-ups, and forfeiture clauses exist for misconduct—limited alignment red flags; however, absence of disclosed stock ownership guidelines and limited transparency on incentive weighting/targets reduce evaluability of pay rigor .
- Performance context: Despite revenue variability, net income expanded in FY 2024, and Crane’s role in business banking suggests direct linkage to credit and commercial growth execution; maintain focus on credit quality and business lending trends as leading indicators for incentive outcomes .