First US Bancshares Reports Key Corporate Changes

TL;DR

First US Bancshares shaking up leadership, new deals and exec changes filed today.

AI Summary

On November 20, 2024, First US Bancshares, Inc. filed an 8-K report detailing several key events. The company entered into a material definitive agreement, announced the departure of directors and certain officers, elected new directors, and appointed new officers. The filing also covers compensatory arrangements for certain officers and other events, along with financial statements and exhibits.

Why It Matters

This filing signals significant shifts in the leadership and governance of First US Bancshares, Inc., which could impact its strategic direction and operational stability.

Risk Assessment

Risk Level: medium — Changes in directors and officers, along with new material agreements, can introduce uncertainty and potential strategic shifts.

Key Players & Entities

• FIRST US BANCSHARES, INC. (company) — Registrant
• November 20, 2024 (date) — Date of earliest event reported
• 3291 U.S. Highway 280 Birmingham, Alabama 35243 (address) — Principal Executive Office Address

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value FUSB The Nasdaq Stock Mar

Filing Documents

• fusb-20241120.htm (8-K) — 61KB
• fusb-ex99_1.htm (EX-99.1) — 10KB
• 0000950170-24-129326.txt ( ) — 193KB
• fusb-20241120.xsd (EX-101.SCH) — 30KB
• fusb-20241120_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. The information set forth in Item 5.02(d)(5) of this Current Report on Form 8-K with respect to the Director Indemnification Agreement, dated as of November 20, 2024 (the "Indemnification Agreement"), by and between First US Bancshares, Inc. (the "Company") and each of Staci M. Pierce and Tracy E. Thompson, is incorporated by reference into this Item 1.01.

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (d) Election of Staci M. Pierce and Tracy E. Thompson to the Board of Directors On November 20, 2024, the Board of Directors (the "Board") of the Company, upon the recommendation of the Board's Nominating and Corporate Governance Committee, voted unanimously to increase the size of the Board from ten (10) to twelve (12) directors and to elect Staci M. Pierce and Tracy E. Thompson to fill the two vacancies created by the increase in the size of the Board, effective as of November 20, 2024. The Board appointed Ms. Pierce to serve on the Compensation Committee of the Board. Both Ms. Pierce and Mr. Thompson will also serve on the Board of Directors of First US Bank, the Company's wholly owned banking subsidiary (the "Bank"). The Board of Directors of the Bank (the "Bank Board") appointed Ms. Pierce and Mr. Thompson to serve on the Directors' Loan Committee of the Bank Board. Additionally, the Board created the Tennessee New Business Committee of the Bank Board and appointed Mr. Thompson to serve as chair of this new committee. There are no arrangements or understandings between either Ms. Pierce or Mr. Thompson and any other person pursuant to which either of them was appointed to the positions with the Company and the Bank described above. The Board has affirmatively determined that each of Ms. Pierce and Mr. Thompson is independent under Nasdaq listing standards and is otherwise qualified to serve on the Boards and the committees to which each of them has been appointed. Each of the new directors will receive the compensation described in Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2024, filed with the Securities and Exchange Commission (the "SEC") on August 9, 2024; provided, however, that the compensation of the Company's directors may be adjusted by the Boar

01 Other Events

Item 8.01 Other Events. On November 20, 2024, the Company issued a press release announcing the election of Ms. Pierce and Mr. Thompson to the Boards of Directors of the Company and the Bank, which press release contains additional biographical information about Ms. Pierce and Mr. Thompson. A copy of the press release is attached hereto as Exhibit 99.1.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Exhibit 10.1 Form of Director Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 30, 2009) 99.1 Press Release, dated November 20, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES 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. Dated: November 20, 2024 FIRST US BANCSHARES, INC. By: /s/ James F. House Name: James F. House President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR