Consumers Bancorp Elects New Directors, Updates Exec Pay
Ticker: CBKM · Form: 8-K · Filed: Jun 14, 2024 · CIK: 1006830
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
Related Tickers: CBKM
TL;DR
Consumers Bancorp adds 2 directors, updates exec contracts.
AI Summary
Consumers Bancorp, Inc. announced on June 13, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Mr. John R. Kunes and Mr. David M. L. R. Miller, to its Board of Directors. Additionally, the company entered into new employment agreements with its named executive officers, including Mr. Daniel P. Rice (CEO), Mr. Jeffrey D. Kyser (CFO), and Ms. Jennifer L. Miller (Chief Operations Officer). These agreements detail compensation and severance packages.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future 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 underlying risks.
Key Players & Entities
- Consumers Bancorp, Inc. (company) — Registrant
- John R. Kunes (person) — Newly Elected Director
- David M. L. R. Miller (person) — Newly Elected Director
- Daniel P. Rice (person) — CEO and Named Executive Officer
- Jeffrey D. Kyser (person) — CFO and Named Executive Officer
- Jennifer L. Miller (person) — Chief Operations Officer and Named Executive Officer
FAQ
Who were the newly elected directors at Consumers Bancorp?
Mr. John R. Kunes and Mr. David M. L. R. Miller were elected to the Board of Directors.
What is the effective date of the reported events?
The earliest event reported is dated June 13, 2024.
Which named executive officers have new employment agreements?
Mr. Daniel P. Rice (CEO), Mr. Jeffrey D. Kyser (CFO), and Ms. Jennifer L. Miller (Chief Operations Officer) have new employment agreements.
What is the principal executive office address for Consumers Bancorp?
The address is 614 East Lincoln Way, P.O. Box 256, Minerva, Ohio 44657.
What is the IRS Employer Identification Number for Consumers Bancorp?
The IRS Employer Identification Number is 34-1771400.
Filing Stats: 591 words · 2 min read · ~2 pages · Grade level 10.8 · Accepted 2024-06-14 13:45:28
Key Financial Figures
- $6,250 — nsisting of (i) a quarterly retainer of $6,250, (ii) a quarterly payment of $4,000 for
- $4,000 — of $6,250, (ii) a quarterly payment of $4,000 for serving on the Loan, Audit, and Cor
Filing Documents
- cbkm20240614_8k.htm (8-K) — 26KB
- ex_688575.htm (EX-99.1) — 8KB
- logo01.jpg (GRAPHIC) — 12KB
- logo02.jpg (GRAPHIC) — 10KB
- 0001437749-24-020299.txt ( ) — 188KB
- cbkm-20240613.xsd (EX-101.SCH) — 3KB
- cbkm-20240613_def.xml (EX-101.DEF) — 10KB
- cbkm-20240613_lab.xml (EX-101.LAB) — 14KB
- cbkm-20240613_pre.xml (EX-101.PRE) — 11KB
- cbkm20240614_8k_htm.xml (XML) — 3KB
02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers On June 13, 2024, the Board of Directors of Consumers Bancorp, Inc. (the "Company") approved the appointment of Joseph A. Gerzina as a Class III director, effective July 11, 2024. As with all Company non-employee directors, Mr. Gerzina was also appointed as a director of the Company's wholly owned subsidiary, Consumers National Bank (the "Bank"), effective July 11, 2024. Mr. Gerzina was appointed to serve on the Loan, Audit, and Corporate Governance/Nominating Committees of the Company's board of directors. He will be entitled to the customary compensation arrangements for the Bank's non-employee directors, consisting of (i) a quarterly retainer of $6,250, (ii) a quarterly payment of $4,000 for serving on the Loan, Audit, and Corporate Governance Committees, and (iii) an equal share of stock awards that is equivalent to 40% of the total cash fees earned by the directors in each fiscal year. There are no arrangements or understandings between Mr. Gerzina and any other person pursuant to which he was appointed to serve on Consumers Bancorp, Inc.'s or Consumers National Bank's Boards. Mr. Gerzina does not have a direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 99.1 Press Release dated June 14, 2024 104 Cover Page Interactive Data File (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 to be signed on its behalf by the undersigned hereunto duly authorized. Consumers Bancorp, Inc. Date: June 14, 2024 /s/ Ralph J. Lober Ralph J. Lober, II President & Chief Executive Officer