Eduardo J. Arriola
SEACOAST BANKING CORP OF FLORIDAAbout Eduardo J. Arriola
Eduardo J. Arriola (age 52) was appointed to Seacoast Banking Corporation of Florida’s Board on June 4, 2024; he previously served as Executive Vice President and Market Executive of Seacoast Bank and is currently CEO of Arriola & Co. He is a Boston College graduate and completed Harvard Business School’s Owner‑President Management (OPM) Program, with prior roles including Chairman & CEO of Apollo Bank (sold to Seacoast in 2022) and service on the Federal Reserve Bank of Atlanta (Miami Branch) board and the Federal Home Loan Bank of Atlanta board committees . As of the 2025 proxy record date, he beneficially owned 28,761 SBCF shares, including 281 shares in an IRA, and he also held prior employee award shares (2,498 outstanding; 3,330 unvested) from pre‑Board service; his independence status in 2024 was not listed as independent on the nominees table .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Seacoast Bank | EVP & Market Executive (Miami) | Until June 2024 | Led business development and market strategy |
| Apollo Bank (Apollo Bancshares, Inc.) | Chairman & CEO | 2010–2022 | Led institution until sale to Seacoast |
| Federal Reserve Bank of Atlanta (Miami Branch) | Board Member | 2017–2022 | Regional central banking governance |
| TotalBank | Director | 2002–2007 | Director’s Loan Committee; bank sold to Banco Popular de España (2007) |
| Inktel Contact Center Solutions | Co‑Founder & Managing Director | 1997–2009 | Built Miami‑based services business; remains minority shareholder |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Federal Home Loan Bank of Atlanta | Director (second term) | Current | Affordable Housing Committee; Audit Committee; Governance, Compensation & Nominating Committee |
| Inter‑American Foundation (U.S. government agency) | Board Member; Chairman (appointed 2013) | Since 2012 | Oversees development grants across Latin America/Caribbean (Special Government Employee; Senate‑confirmed) |
| Florida Bankers Association; BankServ | Board Member | 2010–2016 | Industry governance, payments services oversight |
Board Governance
- Committee assignments (Company): Enterprise Risk Management Committee (ERMC) member; not a committee chair in 2024 . His director bio also notes service on Bank subsidiary committees, including the Bank Trust Committee .
- Independence: Not listed as independent in the 2024 nominees table; Board disclosed eight independent directors in 2024 (Arriola not among them), consistent with recent employment at Seacoast prior to his appointment .
- Attendance: In 2024, the Board held six regular and one special meeting; all directors attended at least 75% of Board and committee meetings on which they served .
- Lead Independent Director: Christopher E. Fogal (re‑elected January 2025) .
- Executive sessions: Independent directors met twice in 2024 .
- Director stock ownership guideline: Minimum of 3x annual base retainer within four years; all directors meet/exceed target .
Fixed Compensation (Director)
| Component | Program Terms (2024) | Arriola Actuals (2024) |
|---|---|---|
| Cash retainer | $45,000 annual; paid quarterly; pro‑rated for partial year; chair of most committees +$25,000, CGC Chair +$30,000; Lead Independent Director +$35,000 | $26,250 cash fees (pro‑rated) |
| Equity award (directors) | Annual common stock award: $62,500 post‑annual meeting; additional $25,000 in Dec 2024 (total $87,500) | $87,508 stock award (grant‑date fair value) |
| Options (electable) | Up to 30% of cash retainer can be taken in vested non‑qualified options (no elections made in 2024) | None |
| Travel reimbursement | Standard reimbursement for Board/committee meetings | As applicable |
Performance Compensation (Director)
| Metric | Structure | Notes |
|---|---|---|
| None (no director incentive metrics) | Director equity is issued as vested common stock; no performance‑conditioned equity for directors | Program is fixed retainer + vested stock; options elective but unused in 2024 |
Company‑wide pay‑for‑performance context (for management, not directors): STI metrics included ROATA, primary customer acquisition, and EPS; LTI PSUs based on 3‑yr average annual EPS growth and ROATE vs peers; PSU payouts capped absent absolute EPS/ROATE hurdles and contingent on Tier 1 capital compliance .
Other Directorships & Interlocks
- Public company boards: 0 (per nominees summary) .
- Financial system/government boards: FHLBank Atlanta (multiple committees), IAF (Chair), Federal Reserve Bank of Atlanta (Miami Branch) .
- Subsidiary/affiliate committees: Bank Trust Committee noted in director profile .
Expertise & Qualifications
- Banking/financial services leadership, regulatory and compliance experience; credit and lending understanding from market executive role .
- Community leadership across Miami non‑profits; YPO membership .
- Technology/operations exposure via Inktel; governance roles across financial institutions .
Equity Ownership
| Metric | Amount | Source |
|---|---|---|
| Total beneficial ownership (shares) | 28,761 | |
| Ownership % of shares outstanding | ~0.03% (28,761 / 85,614,460) | (calculation) |
| IRA holdings | 281 shares | |
| Prior employee award shares (outstanding) | 2,498 shares | |
| Prior employee award shares (unvested) | 3,330 shares | |
| Pledged shares | No specific pledging disclosed; company policy limits pledging and requires advance approval; value cap $250,000 | |
| Guideline compliance | Directors meet/exceed 3x retainer guideline |
Insider Trades (Form 3/4/5 Summary)
Governance Assessment
- Independence status: Not independent in 2024 due to recent Seacoast employment; balanced by majority‑independent Board, independent Audit and CGC, and a Lead Independent Director structure .
- Committees & engagement: ERMC membership adds risk oversight capability; his background strengthens credit and market expertise; attendance thresholds met (≥75%) .
- Ownership alignment: Holds 28,761 shares; director stock ownership rules (3x retainer within 4 years) and mandatory retention promote alignment; no pledging disclosed; company restricts hedging and limits pledging .
- Compensation mix: Cash retainer and vested stock award; no director performance equity—reduces pay complexity and potential incentive misalignment; 2025 adds modest committee member retainers to reflect workload .
- Conflicts/related party exposure: Company 8‑K states no related party transactions for Arriola upon appointment; related party policy requires Audit Committee approval and sets thresholds; disclosed 2024 related party item pertains to another director (vehicle purchase), not Arriola .
Signals: Former executive transitioning to non‑independent director status warrants monitoring for management influence; however, a strong independent committee framework, explicit hedging/pledging limits, and clear director ownership guidelines provide mitigating governance safeguards .