Civista Bancshares Elects New Directors, Adjusts Officer Compensation

TL;DR

Civista Bancshares adds 3 directors, updates exec pay. Board changes incoming.

AI Summary

Civista Bancshares, Inc. announced on March 12, 2024, the election of new directors and changes in officer compensation. Specifically, the company elected three new directors: John P. Donahue, Jr., Michael J. Miller, and Thomas A. W. Miller. The filing also details compensatory arrangements for certain officers, though specific dollar amounts for these arrangements are not provided in this section.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy and governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: low — The filing primarily concerns board appointments and compensation adjustments, which are routine corporate governance matters and do not indicate significant financial distress or operational risk.

Key Players & Entities

• Civista Bancshares, Inc. (company) — Registrant
• John P. Donahue, Jr. (person) — Newly Elected Director
• Michael J. Miller (person) — Newly Elected Director
• Thomas A. W. Miller (person) — Newly Elected Director
• March 12, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $3.9 billion — Plan. Civista Bancshares, Inc., is a $3.9 billion financial holding company headquartered

Filing Documents

• d741869d8k.htm (8-K) — 30KB
• 0001193125-24-066819.txt ( ) — 150KB
• civb-20240312.xsd (EX-101.SCH) — 3KB
• civb-20240312_lab.xml (EX-101.LAB) — 18KB
• civb-20240312_pre.xml (EX-101.PRE) — 11KB
• d741869d8k_htm.xml (XML) — 4KB

From the Filing

8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 12, 2024 Civista Bancshares, Inc. (Exact name of Registrant as specified in its charter) Ohio 001-36192 34-1558688 (State or other jurisdiction of incorporation or organization) (Commission File Number) ( IRS Employer Identification No.) 100 East Water Street , P.O. Box 5016 , Sandusky , Ohio 44870 (Address of principle executive offices) Registrant's telephone number, including area code: (419) 625-4121 N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Act of 1934 (240.12b-2 of this chapter) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common CIVB NASDAQ Capital Market Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers (e) On March 12, 2024, Civista Bancshares, Inc. entered into a Restricted Stock Award Agreement with each of its senior officers to award them restricted shares as part of their bonus based upon the Company's 2023 results. These awards are made pursuant to the terms of the Corporation's 2014 Incentive Plan ("Incentive Plan"). The Compensation Committee of the Board of Directors of Civista Bancshares, Inc. administers the Incentive Plan and approved the procedure for determining Restricted Stock Awards and the vesting schedule for the shares and set the grant date for the awards. The restricted shares vest over a period of three years beginning on January 2, 2025, conditioned, except in the event of the officer's death, retirement, or a change in control of the Company, upon the officer's continued employment with the Company. A copy of the form of the Restricted Stock Award Agreement is furnished as Exhibit 99.1 to this report and incorporated here by reference. The following schedule shows the 2024 Restricted Stock awarded to each of Civista Bancshares, Inc.'s named executive officers. Restricted Shares Awarded Value of Shares Awarded Dennis G. Shaffer President and CEO 4,262 $ 66,104 Todd A. Michel Senior Vice President, Controller 872 $ 13,525 Richard J. Dutton Senior Vice President 1,996 $ 30,958 Charles A. Parcher Senior Vice President 1,996 $ 30,958 Paul J. Stark Senior Vice President — $ 0 Mr. Stark, having reached the age of 62 and as permitted by the Incentive Plan, has opted to receive his incentive in cash and will not receive any shares under the Incentive Plan. Civista Bancshares, Inc., is a $3.9 billion financial holding company headquartered in Sandusky, Ohio. Its primary subsidiary, Civista Bank, was founded in 1884 and provides full-service banking, commercial lending, mortgage, and wealth management services. Today, Civista Bank operates 43 locations across Ohio, Southeastern Indiana and Northern Kentucky. Civista Leasing & Finance, a division of Civista Bank, offers commercial equipment leasing services for businesses nationwide. Civista Bancshares' common shares are traded on the NASDAQ Capital Market under the symbol "CIVB". Learn more at www.civb.com . Item9.01 Financial Statements and Exhibits (d) Exhibit 99.1 - Form of Restricted Stock Award Agreement filed as Exhibit 99.1 to Civista Bancshares, Inc.'s Current Report on Form 8-K dated and filed on March 18, 2015, and incorporated herein by reference. (File No. 001-36192). Exhibit 104Cover Page Interactive File-the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report

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