Mercer Bancorp Announces Board and Officer Changes
Ticker: MSBB · Form: 8-K · Filed: Jul 10, 2024 · CIK: 1967306
| Field | Detail |
|---|---|
| Company | Mercer Bancorp, Inc. (MSBB) |
| Form Type | 8-K |
| Filed Date | Jul 10, 2024 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $80,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: corporate-governance, management-change
TL;DR
Mercer Bancorp shakes up board and execs, effective July 9.
AI Summary
Mercer Bancorp, Inc. announced on July 9, 2024, changes in its board and officer appointments. The company elected new directors and appointed new officers, alongside adjustments to compensatory arrangements for certain executives. These changes are effective as of July 9, 2024.
Why It Matters
Changes in a company's board of directors and executive officers can signal shifts in strategy, governance, or operational focus.
Risk Assessment
Risk Level: low — The filing reports routine corporate governance changes and does not indicate significant financial distress or operational disruption.
Key Players & Entities
- Mercer Bancorp, Inc. (company) — Registrant
- July 9, 2024 (date) — Effective date of changes
FAQ
What specific roles have been filled or changed for the new officers?
The filing indicates the appointment of certain officers but does not specify the exact roles in this section.
Who are the newly elected directors?
The filing states that directors were elected but does not list their names in this particular section.
What are the details of the compensatory arrangements for the officers?
The filing mentions adjustments to compensatory arrangements but does not provide specific details on the amounts or terms.
What is the effective date of these board and officer changes?
The changes are effective as of July 9, 2024.
Are there any financial statements or exhibits attached to this filing?
The filing indicates 'Financial Statements and Exhibits' as an item information, suggesting they are included.
Filing Stats: 1,277 words · 5 min read · ~4 pages · Grade level 11.4 · Accepted 2024-07-10 15:50:57
Key Financial Figures
- $80,000 — tial annual base salary for Mr. Crum is $80,000. In addition to base salary, the agreem
Filing Documents
- form8k.htm (8-K) — 28KB
- ex10-1.htm (EX-10.1) — 108KB
- 0000943374-24-000317.txt ( ) — 285KB
- msbb-20240709.xsd (EX-101.SCH) — 4KB
- msbb-20240709_lab.xml (EX-101.LAB) — 20KB
- msbb-20240709_pre.xml (EX-101.PRE) — 15KB
- form8k_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 On July 9, 2024, Mercer Bancorp, Inc. (the "Company") and its wholly-owned subsidiary, Mercer Savings Bank (the "Bank"), appointed Sherman Crum as Controller, Principal Financial Officer and Principal Accounting Officer of the Company and the Bank, effective July 9, 2024. Mr. Crum succeeds Rick L. Ross as Principal Financial Officer and Principal Accounting Officer. Mr. Ross will depart from the Company and the Bank following a brief transition period. Mr. Crum, age 56, previously served as Controller at Community Savings in Caldwell, Ohio, from August 2005 to July 2024, and Controller at Gasel Transportation from August 1994 to August 2005. Mr. Crum holds a B.A. from Malone College and is a graduate of the Barret School of Banking. Mr. Crum is not a party to any transaction with the Company or the Bank that would require disclosure under Item 404(a) of Securities and Exchange Commission Regulation S-K. In connection with Mr. Crum's appointment, the Bank has entered into an employment agreement with Mr. Crum. The agreement has a term of three years. Commencing as of each January 1, the Board of Directors of the Bank may renew the agreement for an additional year so that the remaining term will again become three years. The initial annual base salary for Mr. Crum is $80,000. In addition to base salary, the agreement provides for, among other things, participation in bonus programs and other benefit plans and arrangements applicable to executives and other employees of the Bank. The Bank may terminate Mr. Crum's employment for cause at any time, in which event he would have no right to receive compensation or other benefits under the agreement for any period after his termination of employment. Under the agreement, certain events resulting in Mr. Crum's termination or resignation entitle him to payments of s
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 10.1 Employment Agreement, effective as of July 9, 2024, between Mercer Savings Bank and Sherman Crum 104 Cover Page Interactive Data File (Embedded within 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. MERCER BANCORP, INC. Date: July 9, 2024 By: /s/ Alvin B. Parmiter Alvin B. Parmiter President and Chief Executive Officer