Granville Tate Jr.
TRUSTMARKAbout Granville Tate Jr.
Granville Tate Jr., 68, serves as Executive Vice President, Chief Administrative Officer (since Jan 2021), and Secretary (since Dec 2015) of Trustmark National Bank; he previously served as General Counsel (Dec 2015–Nov 2021) and Chief Risk Officer (Jun 2016–Nov 2021). He is Secretary of Trustmark Corporation and has been an executive since 2015, following a long tenure representing Trustmark at Brunini, Grantham, Grower & Hewes, PLLC . Education: BS, Mississippi State University; JD (with distinction), Mississippi College School of Law; admitted to the Mississippi Bar on May 1, 1986 . Trustmark’s adjusted net income from continuing operations rose 17% in 2024 to $186.3 million ($3.04 per diluted share), and 2022–2024 PSUs paid out at 181% of target on combined ROATE and relative TSR metrics, signaling alignment of pay with performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Trustmark National Bank | Chief Administrative Officer | Jan 2021–Present | Centralized administration; leadership during portfolio restructuring and sale of FBBI recognized via one-time RSU grants to select NEOs, including Tate . |
| Trustmark National Bank | Chief Risk Officer | Jun 2016–Nov 2021 | Enterprise risk oversight during regulatory and portfolio transitions . |
| Trustmark National Bank | General Counsel | Dec 2015–Nov 2021 | Led legal function; corporate governance; Secretary of Boards . |
| Trustmark Corporation | Secretary | Dec 2015–Present | Corporate secretary duties for TRMK; notice signatory for annual meetings . |
| Brunini, Grantham, Grower & Hewes, PLLC | Partner (outside counsel to Trustmark) | Pre-2015 | Longstanding representation of Trustmark; recognized legal expertise underpinning move to executive roles . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Mississippi Bar | Licensed Attorney | Admitted May 1, 1986–Present | Active status verified . |
| Mississippi Business Journal (recognition) | Top 10 Finalist | 2014 | Recognized among top finalists by MBJ . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary paid ($) | $406,667 | $419,900 | $426,503 |
| Stock awards ($) | $249,936 | $247,110 | $343,938 |
| Non-Equity Incentive Plan Compensation ($) | $391,680 | $324,184 | $506,103 |
| All other compensation ($) | $44,348 | $75,207 | $67,167 |
| Total ($) | $1,092,631 | $1,066,401 | $1,343,711 |
| Base Compensation Detail | 2023 | 2024 |
|---|---|---|
| Base salary rate ($) | $422,280 | $430,726 |
| Target annual bonus (% of salary) | 60% | 60% |
| 2024 MIP Outcome | Target ($) | Actual (% of Target) | Actual Payout ($) |
|---|---|---|---|
| Granville Tate Jr. | $258,436 | 195.83% | $506,103 |
Perquisites (2024): Club dues $10,514; dividends on unvested time-based restricted stock $11,612; 401(k) match $20,700; Trustmark NQDC contribution $24,341 .
Performance Compensation
| 2024 LTI Grants (Grant date: Feb 14, 2024 unless noted) | PSU Target (#) | PSU Grant-Date Fair Value ($) | Time-based RSUs (#) | RSU Grant-Date Fair Value ($) | One-time RSUs (Dec 3, 2024) (#) | One-time RSU Fair Value ($) |
|---|---|---|---|---|---|---|
| Granville Tate Jr. | 4,651 | $124,033 | 4,650 | $124,155 | 2,500 | $95,750 |
| PSU Design (2024–2026 Performance Cycle) | Weight | Threshold | Target | Maximum |
|---|---|---|---|---|
| ROATE (3-year average; adjusted) | 50% | 80% → 25% payout | 100% → 50% payout | 120% → 100% of target |
| Relative TSR vs peer group | 50% | 30th percentile → 17.5% payout | 50th percentile → 50% payout | 75th percentile → 100% of target |
| Overall payout range | — | 42.5% | 100% | 200% |
| PSU Payout (2022–2024 Performance Cycle) | Target PSUs | Actual PSUs Earned | Payout (%) |
|---|---|---|---|
| Granville Tate Jr. | 3,827 | 6,927 | 181% |
2024 MIP metrics for NEOs included ROATE, EPS, Efficiency Ratio, Non-Performing Assets/total loans + ORE, and Non-Interest Expense (Core). For non-CEO NEOs, Core Non-Interest Expense was assessed both at corporate and line-of-business levels (each 10% weighting), with payouts capped at 200% and linearly interpolated between threshold and maximum . Time-based RSUs vest 100% on the third anniversary of grant (cliff vest), supporting retention; dividend equivalents accrue and pay only upon vesting .
Equity Ownership & Alignment
| Ownership | Amount |
|---|---|
| Beneficial ownership (as of Jan 31, 2025) | 42,385 shares; less than 1%; ≈0.07% of 60,765,271 shares outstanding (42,385/60,765,271) . |
| Pledged shares | None; pledging generally prohibited for directors and executive officers . |
| Stock ownership guidelines | Executives required to hold a multiple of base salary (e.g., Executive Strategy Committee 2x; Other Executive Management 1.5x); Tate met minimum ownership requirement in 2024 . |
| Outstanding Equity Awards at 12/31/2024 | Unvested RSUs (#) | Market Value ($) | Unearned PSUs (#) | Market/Payout Value ($) |
|---|---|---|---|---|
| Granville Tate Jr. | 15,122 | $534,866 (at $35.37) | 15,724 | $556,158 |
Upcoming vesting cadence (subject to continued service and plan terms): RSUs granted 2/15/2023 (4,146 units) vest 2/15/2026; RSUs granted 2/14/2024 (4,650 units) vest 2/14/2027; one-time RSUs granted 12/3/2024 (2,500 units) vest 12/3/2027 .
Non-Qualified Deferred Compensation (NQDC):
| NQDC (2024) | Executive Contributions ($) | Trustmark Contributions ($) | Aggregate Earnings ($) | Aggregate Balance ($) |
|---|---|---|---|---|
| Granville Tate Jr. | — | $28,895 | $50,119 | $636,834 |
Employment Terms
- Change-in-control agreements (non-CEO NEOs): Double-trigger benefits upon termination without cause or for good reason within two years of a CIC; “best-net” approach to potential 280G excise tax reduction .
- Clawback policy: Adopted Oct 24, 2023 consistent with Rule 10D-1 and Nasdaq standards; recovers excess incentive compensation over three completed fiscal years preceding a required restatement .
- Hedging/Pledging: Hedging prohibited; pledging generally prohibited; no director or executive officer currently has pledged stock .
| Potential Payments (Assuming event on 12/31/2024) | Non-CIC Termination (Without Cause/Good Reason) | CIC Termination (Without Cause/Good Reason) |
|---|---|---|
| Severance ($) | — | $1,568,870 |
| Restricted stock accelerated vesting ($) | $545,041 | $716,466 |
| Health & welfare benefits ($) | — | $40,955 |
| Total ($) | $545,041 | $2,326,291 |
Investment Implications
- Pay-for-performance alignment: High PSU payout (181% for 2022–2024) tied to ROATE and relative TSR, plus 2024 MIP at ~196% of target, reflect strong operational execution and shareholder-aligned metrics; clawback policy strengthens governance .
- Retention and selling pressure: RSUs cliff vest in 2026–2027 across 4,146/4,650/2,500 units, creating potential calendar-based share releases; absence of options reduces leverage risk; no pledging mitigates forced-sale risk .
- Ownership alignment: Tate meets stock ownership guidelines and holds 42,385 shares (~0.07% of outstanding), with additional unvested equity; dividends on unvested shares accrue but pay only on vesting, reinforcing long-term alignment .
- Downside protection and CIC economics: Double-trigger CIC benefits total ~$2.33 million with severance plus accelerated equity; non-CIC separation provides limited equity acceleration only—indicative of tighter retention mechanics outside a CIC .
Additional background confirmations: Corporate officer page and Bloomberg profile corroborate current titles; succession press release confirms expansion into CAO role in 2021; education and bar admission support legal and governance credentials .