Allen K. Furr
About Allen K. Furr
Allen K. Furr (age 46) is an incumbent director whose current term expires in 2027; he was first elected to the Uwharrie board in 2018. He is Secretary and Treasurer of PEJA, Inc. (East Albemarle Xpress Lube), a family-owned automotive service business, since 2013; previously, he served as Senior Vice President of Uwharrie Bank from 2002–2013 with a focus on commercial lending. He holds a B.S. in Textile Management from North Carolina State University and is a graduate of the North Carolina Bankers Association School of Banking; he is active in local community boards. He serves on the Company’s Audit Committee.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Uwharrie Bank | Senior Vice President (commercial lending focus) | 2002–2013 | Banking risk and credit experience relevant to audit oversight |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PEJA, Inc. (East Albemarle Xpress Lube) | Secretary & Treasurer | 2013–present | Small business operations; potential borrower/customer of Uwharrie Bank |
| Stanly County Habitat for Humanity | Board Member | Not specified | Community engagement |
| John P. Murray Community Care Clinic | Treasurer, Board of Directors | Not specified | Community health finance oversight |
Board Governance
- Committee assignments: Audit Committee member; Audit Committee met four times in 2024. Audit Committee chair is Frank A. Rankin, III; S. Todd Swaringen is designated “financial expert.”
- Independence: Independent under NASDAQ listing standards but not independent under SEC Rule 10A‑3(b) due to ordinary‑course, arm’s‑length transactions between Uwharrie Bank and entities affiliated with him; the Audit Committee notes that, except for Messrs. Furr, Rankin, and Swaringen, members are independent under applicable standards.
- Attendance: The Board held 12 regular meetings in 2024; each director attended at least 75% of Board and applicable committee meetings. Sixteen of seventeen directors attended the 2024 annual meeting.
- Compensation and nominating: The full Board served as the Human Resources & Compensation Committee and the Nominating Committee during 2024 and 2025.
Fixed Compensation
| Component | Amount (2024) | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | $11,700 | Per-meeting structure: $725 per Board meeting; $100 per committee meeting; Audit Committee members $500 per meeting, plus $100/hour if >3 hours; annual director retainer $4,000 ($3,000 in stock; $1,000 cash); chair/vice chair/audit chair retainer $7,500 (monthly $625) |
| Stock Awards (annual retainer in stock) | $2,995 | 193 shares in June 2024 and 178 shares in Dec 2024 under retainer; amounts per FASB ASC 718 fair value |
| Total Director Compensation | $14,695 | Sum of cash and stock awards |
Performance Compensation
| Element | Terms | Metrics |
|---|---|---|
| Options/PSUs | None disclosed for directors | Not applicable |
| Equity grant detail (retainer shares) | 193 shares (June 2024), 178 shares (Dec 2024); aggregate fair value $2,995 | No performance conditions; fixed retainer stock |
| Performance metrics tied to director pay | None disclosed | No TSR/financial/ESG metrics cited for director compensation |
Other Directorships & Interlocks
| Company/Org | Role | Nature | Potential Conflict/Interlock |
|---|---|---|---|
| Other public companies | None | The company discloses no director (including Furr) serves on boards of other Exchange Act reporting companies or registered investment companies in the last five years | None |
| Uwharrie Bank/affiliated entities | Ordinary-course transactions | Loans and banking relationships conducted at arm’s length and on non-preferential terms; Regulation O compliance asserted | Independence exception under SEC Rule 10A‑3(b) noted for Furr due to affiliated transactions |
Expertise & Qualifications
- Banking and small business management expertise; prior commercial lending leadership; NC Life, Accident & Health insurance license.
- Audit committee service; board states Audit Committee members are financially literate; Swaringen designated audit committee financial expert.
- Community leadership (Habitat for Humanity; community care clinic).
Equity Ownership
| Holder | Shares Beneficially Owned | Ownership % | Notes |
|---|---|---|---|
| Allen K. Furr | 9,655 | <1% | Includes 224 shares held by spouse and 8 shares held by spouse as custodian for minor daughter |
| Shares outstanding basis | 7,061,777 | — | As of April 6, 2025; used for % calculation |
Governance Assessment
- Strengths:
- Relevant banking and credit background complements audit oversight; active community involvement.
- Active engagement: served on Audit Committee; Board and committee attendance ≥75%; Board held 12 meetings.
- Equity retainer provides some ownership alignment; current beneficial ownership disclosed.
- Risk indicators and potential red flags:
- Audit committee independence: Furr serves on Audit while not independent under SEC Rule 10A‑3(b) due to affiliated banking transactions; this diverges from the Audit Committee Charter’s stated independence criteria and may concern investors on audit oversight rigor.
- Related-party exposure: Ordinary-course loans/transactions with entities affiliated with certain directors (including Furr) noted; while Regulation O compliance and arm’s‑length terms are disclosed, these relationships can create perceived conflicts.
- Hedging policy: Company has not adopted an anti‑hedging policy for directors/employees, which is increasingly viewed as a misalignment risk in governance best practices.
- Additional signals:
- No other public company directorships reduce external interlock risk but also limit broader governance cross‑pollination.
- Stock ownership guidelines exist, and nominees must be in compliance, but specific multiples/requirements are not disclosed; transparency is limited.