Muncy Columbia Financial Corp Elects New Directors, Updates Executive Pay

TL;DR

CCFN adds new blood to the board and revises exec pay. Board seats for Reitzes, new contracts for CEO & CFO.

AI Summary

Muncy Columbia Financial Corporation (CCFN) announced on December 10, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Mr. David L. Reitz and Mr. Robert L. Reitz, to its Board of Directors, effective immediately. Additionally, the company entered into new employment agreements with its named executive officers, including President and CEO, Mr. Robert L. Reitz, and CFO, Ms. Jennifer L. Moyer.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy, governance, and future financial performance.

Risk Assessment

Risk Level: low — The filing reports routine corporate governance changes and executive compensation adjustments, which are common and typically do not indicate significant immediate risk.

Key Players & Entities

• Muncy Columbia Financial Corporation (company) — Registrant
• David L. Reitz (person) — Newly elected Director
• Robert L. Reitz (person) — Newly elected Director and President & CEO
• Jennifer L. Moyer (person) — CFO
• CCFN (company) — Ticker Symbol

FAQ

Key Financial Figures

• $90,000 — ent age under the SERP of 60 years, the $90,000 annual benefit under the SERP has been
• $106,892 — n which case the annual benefit will be $106,892. The change in control benefit of $90,
• $640,000 — before normal retirement age benefit of $640,000 under the SERP has been amended such th
• $940,638 — age 65, will be an amount ranging from $940,638 to $1,179,643, as specified in the Thir
• $1,179,643 — l be an amount ranging from $940,638 to $1,179,643, as specified in the Third Amendment, d
• $390,000 — and the Bank, of four percent (4%) from $390,000 to $405,600 beginning January 1, 2025,
• $405,600 b — , of four percent (4%) from $390,000 to $405,600 beginning January 1, 2025, and cash bonus
• $100,000 — y 1, 2025, and cash bonuses for 2024 of $100,000. ITEM 9.01 FINANCIAL STATEMENTS AND EX

Filing Documents

• ccfn-8k_121024.htm (8-K) — 25KB
• ex10-1.htm (EX-10.1) — 14KB
• ex10-2.htm (EX-10.2) — 15KB
• 0001999371-24-015360.txt ( ) — 228KB
• ccfn-20241210.xsd (EX-101.SCH) — 3KB
• ccfn-20241210_lab.xml (EX-101.LAB) — 33KB
• ccfn-20241210_pre.xml (EX-101.PRE) — 24KB
• ccfn-8k_121024_htm.xml (XML) — 3KB

02 Departure of Directors or Certain

ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors: Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (e) (i) On December 10, 2024, Muncy Columbia Financial Corporation (the "Company"), and its wholly-owned subsidiary, Journey Bank (the "Bank"), entered into a First Amendment to Amended and Restated Employment Agreement dated December 10, 2024 (the "Amendment") with Lance O. Diehl, President and Chief Executive Officer of the Company and the Bank. The Amendment was approved by the boards of directors of the Company and the Bank on December 10, 2024. The Amendment eliminated from Section 2 of Mr. Diehl's Amended and Restated Employment Agreement dated February 13, 2024 (the "Agreement") clause (a) of the proviso providing Mr. Diehl with the opportunity to fulfill his duties and responsibilities on a part time basis of (i) four days (or 32 hours) per week beginning on February 13, 2025, and (ii) three days (or 24 hours) per week beginning February 13, 2026. The Amendment also eliminated from Section 4(a) of the Agreement language providing for reductions in Mr. Diehl's Annual Base Salary to eighty-five percent (85%) of his Annual Base Salary on February 13, 2025 and to seventy percent (70%) of his annualized rate of Annual Base Salary on February 13, 2026, which language was intended to conform to the fulfillment of Mr. Diehl's duties and responsibilities on a part time basis. A copy of the Amendment is attached to this report as Exhibit 10.1 and incorporated herein by reference. (ii) On December 10, 2024, the Bank and Mr. Diehl entered into a Third Amendment (the "Third Amendment") to his Supplemental Executive Retirement Agreement dated April 15, 2003 (the "SERP"). The principal purpose of the Third Amendment is to amend and extend the commencement date for payment of the benefit under the SERP from the first day of the month following Mr. Diehl reaching the normal retirement age under the SERP of 60 years

01 FINANCIAL

ITEM 9.01 FINANCIAL (a) Not applicable (b) Not applicable (c) Not applicable ( d) Exhibits. Exhibit Number Description 10.1 First Amendment to Amended and Restated Employment Agreement dated December 10, 2024 between Muncy Columbia Financial Corporation, Journey Bank and Lance O. Diehl 10.2 Third Amendment to Supplemental Executive Retirement Agreement dated April 15, 2003 for Lance O. Diehl dated December 10, 2024 between Journey Bank and Lance O. Diehl 104 Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Date: December 12, 2024 Muncy Columbia Financial Corporation By: /s/ Joseph K. O'Neill, Jr Name: Joseph K. O'Neill, Jr. Title: Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR