Mary E. Davey
About Mary E. Davey
Mary E. Davey is an independent director of SR Bancorp, Inc. with over 45 years in senior management of nonprofit organizations, specializing in budgeting, grants, program oversight, and auditor interaction; she holds a BA in Sociology (Anna Maria College) and an MSW (Rutgers University) and has served on SRBK’s board since 1995. Her current age is 75, and her civic leadership background emphasizes management and budgeting expertise relevant to bank oversight . SRBK’s proxy confirms committee independence under Nasdaq rules, supporting her independent director status .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Nonprofit sector (various) | Upper management roles with responsibility for special needs housing, budget development, grants, program oversight, auditor liaison | 45+ years | Management/budgeting expertise applied to oversight |
External Roles
| Organization/Body | Role | Tenure | Notes |
|---|---|---|---|
| National Association of Social Workers | Member | Not disclosed | Professional affiliation |
| Children’s Interagency Coordinating Council of Bergen County | Executive Board; Chair, Mental Health–Education Partnership/Subcommittee | Not disclosed | Leadership role |
| Suicide Prevention and Education Committee (Bergen County) | Member | Not disclosed | Community health focus |
| Ridgewood Stigma-free Committee | Member | Not disclosed | Civic engagement |
Board Governance
- Board leadership: SRBK separates Chair and CEO at the holding company level to enhance independence (Executive Chairman Orbach; CEO Taylor), with combined Chair/CEO at the bank subsidiary to maintain operational continuity .
- Attendance: The SRBK and bank boards each held 12 meetings in FY2025; no director attended fewer than 75% of aggregate Board and committee meetings .
| Committee (FY2025) | Membership | Chair | Meetings (FY2025) |
|---|---|---|---|
| Audit | Mary E. Davey; Marc Lebovitz; John W. Mooney; Douglas M. Sonier | Sonier | 5 |
| Compensation | Mary E. Davey; Marc Lebovitz; John W. Mooney; Douglas M. Sonier | Not disclosed | 4 |
| Nominating & Corporate Governance | Mary E. Davey; John W. Mooney; Douglas M. Sonier | Davey | 1 |
- Audit Committee financial expert: Douglas M. Sonier (SEC-defined) .
- Committee independence: All members of each standing committee are independent per Nasdaq listing requirements .
Fixed Compensation
| Metric | FY2024 | FY2025 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | 74,300 | 70,150 |
| Fee Schedule Component | Amount |
|---|---|
| Board meeting fee (per meeting) | $4,400 |
| Committee meeting fee (per meeting) | $750 |
| Chair stipends (per month) | Audit $350; Compensation $300; Nominating & Corporate Governance $300 |
| Bank board service fees | Not paid for Somerset Regal Bank service |
| Deferred compensation election | Davey elected to defer part of 2024 board compensation |
Performance Compensation
| Metric | FY2024 | FY2025 |
|---|---|---|
| Restricted Stock (RSUs) – grant size | 19,015 shares to Davey under 2024 Equity Plan; time-based vesting | Aggregate grant date fair value $209,926; fair value measured at $11.04/share; vest 20% annually starting Nov 21, 2025 |
| Stock Options – grant size | 47,539 options to Davey under 2024 Equity Plan; time-based vesting | Aggregate grant date fair value $201,524; vest 20% annually starting Nov 21, 2025; 9,508 options exercisable within 60 days of Sep 22, 2025 |
- Grant mechanics: Initial non-employee director awards were self-executing upon shareholder approval of the 2024 Equity Incentive Plan (Nov 21, 2024); director options vest at 20% per year with acceleration upon death, disability, or involuntary termination at/after a change in control .
- Performance metrics: No performance-based metrics disclosed for director equity awards; vesting appears solely time-based .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed for Davey |
| Prior public company boards | Not disclosed |
| Private/nonprofit boards | Roles listed under External Roles (civic/nonprofit bodies) |
| Interlocks with competitors/suppliers/customers | None disclosed for Davey; noted related-party leases involve Orbach family interests (not Davey) |
Expertise & Qualifications
- Education: BA Sociology (Anna Maria College), MSW (Rutgers University) .
- Technical/functional expertise: Budget development and management, grant administration, program oversight, auditor interaction; civic leadership .
- Board qualifications: Independent director; committee chair (Nominating & Corporate Governance); member of Audit and Compensation .
- Audit financial expert designation: Not assigned to Davey (assigned to Sonier) .
Equity Ownership
| Metric | FY2024 | FY2025 |
|---|---|---|
| Total beneficial ownership (shares) | 9,160 | 38,158 |
| Unvested restricted stock (included in total) | Not disclosed | 19,015 |
| Options exercisable within 60 days | Not disclosed | 9,508 |
| Ownership as % of shares outstanding | <1% | <1% |
| Shares outstanding (record date) | 9,507,930 (Sep 23, 2024) | 8,707,164 (Sep 22, 2025) |
- Pledging/hedging: No pledging disclosed for Davey; company permits hedging for directors (no anti-hedging policy), though short sales, puts, and calls are prohibited by insider trading policy .
Governance Assessment
- Strengths:
- Long-tenured independent director with committee breadth and chair responsibility (Nominating & Corporate Governance), enhancing board process discipline and refresh criteria .
- Satisfactory attendance threshold achieved across Board and committees; board met 12 times in FY2025 .
- Clear fee and equity compensation disclosure; director equity aligns interests via RSUs and options, with standardized vesting schedules .
- Concerns:
- Absence of anti-hedging policy for directors is shareholder-unfriendly; hedging permitted could weaken alignment even as short sales/derivatives are restricted .
- No director stock ownership guidelines disclosed; difficult to benchmark alignment beyond award-driven holdings .
- Related-party and conflicts:
- Loans to directors permitted under banking regulations and reported as ordinary course with market terms at FY2025; no unfavorable features disclosed .
- Lease payments to entities with interests of Orbach’s immediate family ($236,000 in FY2025) highlight a related-party exposure at the board level, though not involving Davey directly .
RED FLAGS
- Hedging permitted for directors (no anti-hedging policy), which can weaken alignment with shareholders .
- Related-party leases tied to another director’s family interests (not Davey), indicating board-level conflict exposure requiring continued oversight .
Signals to monitor
- Ongoing equity accumulation and eventual compliance with any future ownership guidelines (if adopted) .
- Committee meeting cadence and Nominating & Corporate Governance leadership effectiveness given only one meeting in FY2025 .
- Any future disclosures on hedging, pledging, or related-party transactions involving directors .