Frank A. Stewart
About Frank A. Stewart
Frank A. Stewart (63) is an independent director of Skyline Bankshares, Inc. (SLBK) serving since July 2018. He is CEO of Premier Body Armor, LLC, and previously founded and led Ultra Machine and Fabricating (1989–2015), a subcontract manufacturer to major defense contractors. He holds a B.B.A. from UNC Charlotte and received an Honorary Doctorate in Humanities from Gardner-Webb University. He currently chairs SLBK’s Audit Committee and sits on the Compensation Committee.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Great State Bank | Director | 2009–2018 | Governance and community banking experience through pre-merger period |
| Ultra Machine & Fabricating | Owner & Founder | 1989–2015 | Built defense subcontracting manufacturer; operating and supply chain expertise |
| Premier Body Armor, LLC | Chief Executive Officer | Current | Private company leadership; product/operations oversight |
| Stewart Realty; Stewart Property Management | Owner | Current | Real estate oversight and local market exposure |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Caromont Health (Gaston County, NC) | Director | Current | Healthcare board experience |
| Gardner-Webb University | Chairman, Board of Trustees (prior); President’s Advisory Board | Chairman for three years (prior); Advisory Board current/ongoing | Higher-ed governance and advisory |
| North Carolina Rural Infrastructure Authority | Appointee | Prior appointment | State economic development oversight |
| North Carolina Ports Authority | Appointee | Prior appointment | Port operations/policy oversight |
| NC Advisory Commission on Military Affairs | Commissioner | Completed two terms | State military affairs advisory |
| Cleveland Community College Foundation | Director (former) | Prior | Community foundation governance |
| Coastal Carolina National Bank | Director (former) | Prior | Banking board experience |
| United Way of Cleveland County; USO of North Carolina (State Board) | Director (former) | Prior | Nonprofit governance; civic engagement |
Board Governance
| Category | Detail | Evidence |
|---|---|---|
| Independence | Determined independent by Board under Nasdaq rules | Frank A. Stewart listed among 12 independent of 15 directors |
| Committees | Audit (Chair); Compensation (Member) | Audit Committee: Stewart (Chair); Compensation Committee includes Stewart |
| Committee Meeting Cadence (2024) | Audit: 5 meetings; Compensation: 3 meetings | Counts disclosed for year ended Dec 31, 2024 |
| Audit Committee Financial Expert | None designated | Company notes no “audit committee financial expert” designated |
| Nominating Committee | None (full Board performs nomination function) | Company does not have a standing nominating committee |
Other Directorships & Interlocks
- No current or prior public company directorships in the past five years disclosed for any SLBK director, including Stewart. This reduces public-company interlocks risk.
Expertise & Qualifications
- Operating executive: CEO of Premier Body Armor; founder/operator of a defense manufacturing subcontractor (1989–2015), bringing manufacturing, supply chain, and customer contract familiarity.
- Financial oversight: Audit Committee Chair, with committee exposure to financial reporting, internal controls, and auditor oversight (despite no designated “financial expert”).
- Public policy and regional development: Appointments to NC Rural Infrastructure Authority, NC Ports Authority, and military affairs commission add regulatory and economic development perspective.
- Education and community governance: Roles across healthcare and higher education boards contribute multi-sector governance experience.
Governance Assessment
- Positive signals:
- Independent director serving as Audit Committee Chair, with regular committee cadence (Audit: 5; Comp: 3 in 2024), suggesting active oversight.
- No Stewart-specific related-party transactions cited in the Board’s independence determination discussion, supporting independence assessment.
- No public company interlocks disclosed for the past five years, limiting network conflicts at the public-company level.
- Cautions / potential red flags:
- No designated “audit committee financial expert” despite Stewart chairing Audit; while the Board asserts members’ capability, the absence of an expert can be viewed as a governance weakness by some investors.
- No standing nominating committee; the full Board handles nominations. This is permissible but may raise process/independence questions for some governance frameworks.
Note: The company’s proxy excerpts accessed do not disclose director-specific attendance rates, director compensation retainers/equity grant values, stock ownership amounts, hedging/pledging policies, or say-on-pay outcomes within the retrieved sections. Items lacking disclosed figures are omitted consistent with the instruction to skip if not disclosed.