We have a bank director that is wanting to get a loan to purchase land not his homestead for approximately 350k. Is this something we can do?

This “(4) For any other purpose not specified in paragraphs (c)(1) through (c)(3) of this section, if the aggregate amount of extensions of credit to that executive officer under this paragraph does not exceed at any one time the higher of 2.5 per cent of the bank's unimpaired capital and unimpaired surplus or $25,000, but in no event more than $100,000.” Makes me think no but then this ‘’ (1) No member bank may extend credit (which term includes granting a line of credit) to any insider of the bank or insider of its affiliates in an amount that, when aggregated with the amount of all other extensions of credit to that person and to all related interests of that person, exceeds the higher of $25,000 or 5 percent of the member bank's unimpaired capital and unimpaired surplus, unless:” makes me think we can.

after looking at the regulation a little more this director has a voting authority of 9.139% therefore not making him in control of the company or an executive officer correct? So we would be able to loan up to 5% of our capital with board approval?

. . . this director has a voting authority of 9.139% therefore not making him in control of the company or an executive officer correct?

Whether he is an executive officer of the related interest is not relevant. Is he an executive officer of the bank? If he is not an executive officer of the bank follow the guidelines in 215.4.

He is just a director of the board. So I don't think he is an executive officer? Thoughts?

I don't know the hierarchy of your financial institution so I can't opine if he is or if he is not. Look at the definition of an Executive Officer in 215.2(e) to make your determination.