Board Audit Committee- # of directors?

Posted By: Chocaholic

Board Audit Committee- # of directors? - 03/25/15 06:04 PM

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.

thanks for your feedback!
Posted By: Tater

Re: Board Audit Committee- # of directors? - 03/25/15 06:22 PM

$400MM community bank. Full board is 9. Audit Committee is 3.
Posted By: Gioia

Re: Board Audit Committee- # of directors? - 03/25/15 06:26 PM

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.
Posted By: osucpa

Re: Board Audit Committee- # of directors? - 03/25/15 08:22 PM

1.5 billion 4 outside.
Posted By: Quadspapa

Re: Board Audit Committee- # of directors? - 03/27/15 03:26 PM

$400MM 6 outside directors on AC, and 18 full board