LaDana R. Washburn
About LaDana R. Washburn
LaDana R. Washburn is an independent director of South Plains Financial, Inc. (SPFI), serving since 2023 and currently a Class I director with a term ending at the 2026 annual meeting; she also serves on the board of City Bank, SPFI’s wholly owned subsidiary . She is 56 years old and a Certified Public Accountant with a 26-year career at EY, including lead audit partner roles predominantly in financial services (commercial and community banks) and four years in EY’s Professional Practice Quality and Regulatory Matters national assurance practice; she holds a BBA in finance (1991) and a Master of Professional Accounting (1993) from the University of Texas at Arlington . The board has affirmatively determined she is independent under Nasdaq and SEC rules and designated her an Audit Committee Financial Expert .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| EY (Ernst & Young) | Lead Audit Partner; National Assurance (Professional Practice Quality & Regulatory Matters) | 26-year career (incl. 4 years in national assurance practice) | Led audits for public/private banks; advised on M&A and capital raising; oversight of inspection quality; coached audit teams in EY Latin America Chile banking practice (risk and audit) |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| New Horizons of North Texas | Board Member | Not disclosed | Community/non-profit governance |
| UT Arlington Department of Accounting Advisory Board | Advisory Board Member | Not disclosed | Academic advisory; accounting program input |
Board Governance
- Independence: Independent director under Nasdaq/SEC rules .
- Class/Term: Class I (expires at 2026 meeting); Company director since 2023; Bank director .
- Committee memberships: Audit Committee; Compensation Committee; Nominating & Corporate Governance Committee .
- Chair roles: Not a chair; Audit Committee chaired by Kyle R. Wargo; Compensation and Nominating chaired by Richard D. Campbell .
- Financial expertise: Designated Audit Committee Financial Expert (with Richard D. Campbell) .
- Engagement and attendance: Board met 16 times in 2024; each director participated in at least 75% of the aggregate board and committee meetings for which they served; all directors attended the 2024 annual meeting .
- Committee activity levels (2024): Audit (10 meetings) ; Compensation (5 meetings) ; Nominating & Corporate Governance (1 meeting) .
- Lead Independent Director: Board has a Lead Independent Director (Richard D. Campbell) with executive sessions at least twice annually .
Fixed Compensation (Director – 2024)
| Component | Amount (USD) | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | $81,000 | Non-employee director cash compensation |
| Stock Awards (grant-date fair value) | $24,975 | Equity granted under 2019 plan (valued at grant closing price) |
| Option Awards | $0 | No options granted to directors |
| Non-Equity Incentive Compensation | $0 | Not applicable to directors |
| All Other Compensation | $14,736 | Includes a tax gross-up of $3,242 related to a director holiday gift |
| Total | $120,711 | Sum of components above |
Performance Compensation
- No performance-based metrics or incentive plans disclosed for director compensation (director equity grants reported as time-based stock awards with grant-date fair value) .
Other Directorships & Interlocks
- Public company boards: None disclosed for Ms. Washburn .
- Network/interlocks: No related-party transactions or board representation arrangements involving Ms. Washburn disclosed; material related-party items disclosed in the proxy do not involve her .
Expertise & Qualifications
- Certified Public Accountant; member of AICPA .
- Deep banking audit experience (lead audit partner across commercial and community banks); M&A and capital markets advisory; quality and regulatory oversight in national assurance; international coaching in banking audit risk .
- Board-level financial expertise recognized via Audit Committee Financial Expert designation .
- Board diversity: Female; Board Diversity Matrix reflects one female director .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| LaDana R. Washburn | 925 | <1% | Beneficial ownership as of March 24, 2025; no pledging disclosed for Ms. Washburn |
Governance Assessment
- Strengths: Independent status; Audit Committee Financial Expert designation; multi-committee service (Audit, Compensation, Nominating); board attendance at or above required thresholds; participation in 2024 annual meeting; robust committee activity and established lead independent director structure .
- Alignment considerations: Beneficial ownership is modest (925 shares, <1%), which suggests limited personal economic alignment versus larger holders; however, annual director equity grants provide ongoing alignment through stock exposure .
- Conflicts/related-party exposure: None disclosed for Ms. Washburn; related-party transactions in 2023–2024 involve other executives/directors (e.g., purchases from 1st Class Solutions; stock repurchases from the CEO; debt exchanges) and were board-approved with recusals where appropriate .
- Policy framework: Insider Trading Policy discourages hedging and pledging and requires preclearance; clawback policy adopted October 2, 2023 in compliance with SEC/Nasdaq; strong governance scaffolding supports investor confidence .
- Red flags to monitor: Tax gross-ups applied to director holiday gifts (minor but shareholder-unfriendly signal); continue monitoring any future pledging by insiders (none disclosed for Ms. Washburn) and related-party transactions for governance discipline .