Disclosure Information Required By Regulations
Effective July 1, 2019, the Board Chair and Chair of the Audit Committee each received annual retainer fees of $36 thousand, an increase from $28 thousand. The Board Vice Chair received $34 thousand, an increase from $26 thousand. The remaining board members received $32 thousand, an increase from $24 thousand. Additionally, all board members received an annual $600 computer allowance. The retainer fees are paid quarterly. In 2019, the board members did not receive compensation for individual board or regular committee meetings attended. Per diem is paid for attendance at ad hoc committee meetings only at the rate of $300 per day. Information regarding compensation paid to each director who served during 2019 follows:
Number of Days Served
Board Meetings Other Official Activities Matthew L. Berge(2) 2 7 Laura A. Braun 4 25 William “Hank” Choate 4 17 Eugene B. College 4 16 Thomas R. Durand 4 18 Terri J. Hawbaker 4 11 Bruce E. Lewis 4 10 Ronald W. Lucas 4 18 Peter C. Maxwell 3 15 Dennis C. Muchmore 4 18 Edward L. Reed 4 15 Scott A. Roggenbuck 4 10 Troy J. Sellen(1) 2 8 Aaron “Andy” Snider 4 25 Michael R. Timmer 4 13 Dale L. Wagner 4 25 Jed Welder 4 16
Name of Committee
Total Compensation Paid in 2019
Finance Legislative/Public Policy Legislative/Public Policy Audit Audit Finance Executive/Compensation Finance Audit Legislative/Public Policy Executive/Compensation Executive/Compensation Finance Executive/Compensation Finance Audit Legislative/Public Policy
$11,179 $29,200 $28,600 $32,600 $28,600 $28,600 $30,600 $28,600 $28,600 $28,600 $32,600 $28,600 $17,421 $30,400 $28,600 $29,200 $28,600
$470,600
Newly elected director (2) Term expired June 2019 (1)
SENIOR OFFICERS The senior officers include: David B. Armstrong Chief Executive Officer Paul E. Anderson Executive Vice President – Chief Credit Officer Bethany L. Barker, SPHR Executive Vice President – Chief Human Resources Officer Travis D. Jones, CPA Executive Vice President – Chief Financial Officer Stephen A. Junglas Executive Vice President – Chief Information Officer and Chief Information Security Officer Peter L. Lemmer Executive Vice President – Chief Legal Counsel Melissa A. Stolicker, CPA Executive Vice President – Chief Internal Auditor David B. Armstrong was promoted to Chief Executive Officer (CEO) in 2009. Paul E. Anderson was promoted to Chief Credit Officer in 2009. Bethany L. Barker has been in her position as Chief Human Resources Officer since 1998. Travis D. Jones was hired as Chief Financial Officer in 2007. Stephen A. Junglas was promoted to Chief Information Officer in 2012. Peter L. Lemmer was hired as Chief Legal Counsel in 2008. Melissa A. Stolicker has been in her position as Chief Internal Auditor since 2004.
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Other business interests where a senior officer served as a board of director or senior officer include: David B. Armstrong serves as a board member and Treasurer for the Michigan Livestock Exhibition (non-profit to generate funding for youth scholarships through annual livestock shows and auctions). He also serves as a board member of the Farm Credit System Association Captive Insurance Company (privately-held insurance association that is owned by the System) and as a board member for Crystal Flash Energy Company (provides fuels and lubes to residential and commercial customers throughout primarily the state of Michigan). Travis D. Jones serves as a board member for Michigan Finance Authority (offers effective low-cost financing to public and private agencies providing essential services to the citizens of Michigan). He also serves as a board member of Michigan FFA Association (dedicated to making a positive difference in the lives of young people by developing their potential for premium leadership, personal growth, and career success through agricultural education). Stephen A. Junglas serves as a board member for the Capital Area IT Council (committed to identifying, developing, and implementing real solutions for improving the quantity and quality of IT professionals in the region). Melissa A. Stolicker serves as a member of the Board of Trustees and audit committee for Oakland University (major public university in Michigan offering bachelor’s and graduate degrees). She also serves as a board member and an audit committee member of both Delta Dental of Michigan (dental insurance plan administrator) and Renaissance Health Services Corporation (dental insurance plan administrator). Information related to compensation paid to senior officers is provided in our Annual Meeting Information Statement (AMIS). The AMIS is available for public inspection at our office.
GreenStone Farm Credit Services
