First US Bancshares Files 8-K on Director and Officer Changes
Ticker: FUSB · Form: 8-K · Filed: Feb 12, 2025 · CIK: 717806
| Field | Detail |
|---|---|
| Company | First US Bancshares, Inc. (FUSB) |
| Form Type | 8-K |
| Filed Date | Feb 12, 2025 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: corporate-governance, officer-changes, director-elections
Related Tickers: FUSB
TL;DR
First US Bancshares 8-K: New directors elected, exec comp updated. Board shakeup incoming.
AI Summary
On February 10, 2025, First US Bancshares, Inc. filed an 8-K report detailing changes in its board of directors and executive officers. The filing includes the election of new directors and updates to compensatory arrangements for certain officers. The company is headquartered in Birmingham, Alabama.
Why It Matters
Changes in a company's board and executive team can signal shifts in strategy, governance, or operational focus, impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance matters such as director elections and executive compensation, which typically carry low inherent risk.
Key Players & Entities
- FIRST US BANCSHARES, INC. (company) — Registrant
- February 10, 2025 (date) — Date of earliest event reported
- Birmingham, Alabama (location) — Principal Executive Offices
FAQ
What specific changes were made to the board of directors?
The filing indicates the election of directors, but the specific names and details of any changes are not provided in this summary.
Are there any new executive officers appointed?
The filing mentions "Appointment of Certain Officers" as an item, suggesting potential new appointments or changes, but specific names are not detailed here.
What are the key updates regarding compensatory arrangements?
The filing notes "Compensatory Arrangements of Certain Officers" as an item, indicating updates to compensation plans for specific executives, though details are not in this summary.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on February 10, 2025.
Where is First US Bancshares, Inc. headquartered?
First US Bancshares, Inc. is headquartered at 3291 U.S. Highway 280, Birmingham, Alabama 35243.
Filing Stats: 1,341 words · 5 min read · ~4 pages · Grade level 15 · Accepted 2025-02-12 15:00:08
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value FUSB The Nasdaq Stock Mar
Filing Documents
- fusb-20250210.htm (8-K) — 54KB
- fusb-ex10_1.htm (EX-10.1) — 59KB
- 0000950170-25-018724.txt ( ) — 241KB
- fusb-20250210.xsd (EX-101.SCH) — 30KB
- fusb-20250210_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Establishment of 2025 Cash Incentive Program On February 10, 2025, the Compensation Committee of the Board of Directors (the "Compensation Committee") of First US Bancshares, Inc. (the "Company") established an annual cash incentive program for the Company's fiscal year ending December 31, 2025 for certain executive officers and key employees of the Company and its subsidiaries, including the Company's named executive officers – James F. House, President and Chief Executive Officer of the Company and First US Bank (the "Bank"); Thomas S. Elley, Chief Financial Officer of the Company and the Bank; and William C. Mitchell, Senior Executive Vice President, Consumer Banking, of the Bank (the "2025 Cash Incentive Program"). Under the 2025 Cash Incentive Program, certain executive officers and key employees of the Company have a short-term incentive cash bonus opportunity based on certain corporate and individual performance objectives established by the Compensation Committee. With respect to the Company's named executive officers, the cash bonus opportunity is based on the achievement of certain specified levels of financial performance, specifically the Company's (i) consolidated pre-tax income for 2025 (25% of the total cash bonus opportunity); (ii) consolidated pre-tax return on average assets ("ROAA") for 2025 (30% of the total cash bonus opportunity for Messrs. House and Elley; 25% of the total cash bonus opportunity for Mr. Mitchell); (iii) consolidated pre-tax return on average tangible equity ("ROATE") for 2025 (25% of the total cash bonus opportunity for Messrs. House and Elley; 15% of the total cash bonus opportunity for Mr. Mitchell); and (iv) net loan growth in indirect lending for 2025 ("Loan Growth") (15% of the total cash bonus opportunity for Mr. Mitchell only). For each of the named executiv
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Exhibit 10.1 2025 Cash Incentive Program 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: February 12, 2025 FIRST US BANCSHARES, INC. By: /s/ Thomas S. Elley Name: Thomas S. Elley Senior Executive Vice President, Treasurer and Assistant Secretary, Chief Financial Officer and Principal Accounting Officer