We are a community bank with assets under $200mil. Our current membership is 4 outside directors ( Chair is financial expert). There has been some discussion about the need to increase our membership by 1. Wanted to get a sense of committee composition in other banks our size.
We are about the same size as you and our committee has 4 directors. Our charter states the committee must have 3 directors, but by having 4 even if 1 director misses a meeting we still have a quorum. Haven't had any scrutiny or recommendations to increase the size.