Larry Puckett
About Larry Puckett
Larry Puckett, 83, is Chairman of the Board and a founding director of River Financial Corporation and River Bank & Trust, serving on the board since 2006. He is the Dealer/Operator and President of Larry Puckett Chevrolet in Prattville, Alabama, and is described as serving on multiple business and non-profit boards. He signs the 2025 proxy as Chairman of the Board.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| River Bank & Trust | Founding Director; Chairman of the Board | 2006–present | Founding director; board leadership |
| River Financial Corporation | Director; Chairman of the Board | 2006–present | Board leadership; signed 2025 proxy as Chairman |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Larry Puckett Chevrolet (Prattville, AL) | Dealer/Operator and President | Current | Runs automotive retail business; serves on multiple business and non-profit boards |
Board Governance
- Board size and elections: Nine nominees stand for one-year terms at the May 13, 2025 annual meeting.
- Role: Chairman of the Board; director since 2006.
- Independence: The proxy does not label director independence; Puckett is Chairman and a significant shareholder (146,085 shares; 1.88%).
- Committees: The proxy does not disclose committee rosters. The Executive Compensation Committee administers the employee Incentive Stock Compensation Plan (membership not listed).
- Attendance and executive sessions: Not disclosed in the proxy.
- Insider/ESOP voting block: Directors, executive officers, and the ESOP collectively beneficially own approximately 26.47% of common stock and stated their intention to vote for all director nominees.
Fixed Compensation
The 2025 proxy does not include a “Director Compensation” table or specific non‑employee director cash retainer/fee disclosures; the primary compensation content relates to the employee Incentive Stock Compensation Plan.
Performance Compensation
No performance-based compensation disclosures specific to non‑employee directors are provided in the proxy. The 2025 Incentive Stock Compensation Plan applies to officers and employees (ISOs, NQOs, SARs, restricted stock/RSUs), with terms on vesting, tax, and change-of-control, but does not enumerate director awards.
Other Directorships & Interlocks
- No public company directorships are disclosed; the biography notes service on “multiple business and non-profit boards” without naming specific organizations.
Expertise & Qualifications
- Founding bank director with long-tenured board leadership; recognized community business leader in automotive retail; chairs the boards of both River Financial Corporation and River Bank & Trust.
Equity Ownership
| Metric | Mar 23, 2022 | Mar 22, 2023 | Mar 20, 2024 | Mar 19, 2025 |
|---|---|---|---|---|
| Beneficial Ownership (shares) | 132,000 | 141,769 | 146,085 | 146,085 |
| Ownership (% of outstanding) | 1.99% | 2.13% | 1.91% | 1.88% |
- Shares outstanding reference (for context): 6,634,027 (2022), 6,670,385 (2023), 7,664,055 (2024), 7,763,383 (2025).
Governance Assessment
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Alignment: Meaningful personal stake (1.88%) with stable holdings from 2024 to 2025 supports alignment with shareholders.
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Board leadership concentration: Long tenure as Chairman and founding role indicate strong influence; independence status is not specified in the proxy.
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Transparency gaps: The proxy does not disclose committee memberships, director attendance, or a non‑employee director compensation table; governance disclosure is limited primarily to director bios, ownership, and an employee incentive plan proposal.
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Voting dynamics: Insider/ESOP block of ~26.47% can shape election outcomes and signals an insider‑influenced governance structure.
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RED FLAGS:
- Combined board leadership influence (Chairman; founding director; no independence designation provided).
- Limited governance transparency (no committee rosters, attendance, or director pay details).
- Potential related‑party considerations due to external operating business (automotive dealership); the 2025 proxy does not include a “Certain Relationships and Related Transactions” section to assess this risk.