Peoples Bancorp Reports Director and Officer Changes

TL;DR

PEBK board shakeup: new directors in, some execs out. Watch for strategy shifts.

AI Summary

Peoples Bancorp of North Carolina, Inc. filed an 8-K on September 19, 2024, reporting changes in its board of directors and executive officers. The filing details the departure of certain officers and directors, the election of new directors, and updates to compensatory arrangements for key executives. Specific names and financial details related to these changes were not provided in the excerpt.

Why It Matters

Changes in a company's board and executive team can signal shifts in strategy, governance, or operational focus, potentially impacting future performance and shareholder value.

Risk Assessment

Risk Level: medium — Changes in leadership and executive compensation can introduce uncertainty and signal potential strategic shifts, which may carry moderate risk.

Key Numbers

• 000-27205 — SEC File Number (Identifies the company's filings with the SEC.)
• 56-2132396 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• Peoples Bancorp of North Carolina, Inc. (company) — Registrant
• North Carolina (location) — State of Incorporation
• Newton (location) — Principal Executive Offices City

FAQ

Key Financial Figures

• $365,000 — : increasing Mr. Cable's base salary to $365,000; and establishing an annual incentive p
• $93,872 — nk until age 65 has been increased from $93,872 to $130,000, payable for 13 years. Ther
• $130,000 — e 65 has been increased from $93,872 to $130,000, payable for 13 years. Thereafter, Mr.
• $23,500 — Cable will receive an annual benefit of $23,500 payable for the remainder of his life.
• $45,000 — nk until age 65 has been increased from $45,000 to $75,000. Mr. Hooper's benefit is pay
• $75,000 — e 65 has been increased from $45,000 to $75,000. Mr. Hooper's benefit is payable for 13

Filing Documents

• pebk_8k.htm (8-K) — 30KB
• pebk_ex101.htm (EX-10.1) — 105KB
• pebk_ex102.htm (EX-10.2) — 28KB
• pebk_ex103.htm (EX-10.3) — 5KB
• 0001654954-24-012142.txt ( ) — 310KB
• pebk-20240919.xsd (EX-101.SCH) — 6KB
• pebk-20240919_lab.xml (EX-101.LAB) — 12KB
• pebk-20240919_cal.xml (EX-101.CAL) — 1KB
• pebk-20240919_pre.xml (EX-101.PRE) — 8KB
• pebk-20240919_def.xml (EX-101.DEF) — 2KB
• pebk_8k_htm.xml (XML) — 3KB

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits 3

Signatures

Signatures 4 2 Table of Contents Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers . In July 2024, Peoples Bancorp of North Carolina, Inc. (the "Company") and its wholly-owned subsidiary, Peoples Bank (the "Bank") announced the appointment of William D. Cable, Sr. as the incoming President and Chief Executive Officer of the Company and the Bank, effective September 19, 2024. On September 19, 2024, Mr. Cable entered into an amended and restated employment agreement (the "Amended and Restated Employment Agreement") in order to reflect his promotion and certain other changes to the scope, terms and conditions of his employment as a consequence of the promotion. Those changes include: increasing Mr. Cable's base salary to $365,000; and establishing an annual incentive payment to be determined at the sole discretion of the Board of Directors of the Bank based on the performance of the Bank. Also, on September 19, 2024, the Bank entered into amendments to existing salary continuation agreements with each of Mr. Cable and Jeffrey N. Hooper, Executive Vice President and Chief Financial Officer of the Company and the Bank, (the "SERP Amendments"). Pursuant to the SERP Amendments, the annual benefit payable to Mr. Cable upon his retirement and assuming he continues to be employed by the Bank until age 65 has been increased from $93,872 to $130,000, payable for 13 years. Thereafter, Mr. Cable will receive an annual benefit of $23,500 payable for the remainder of his life. The annual benefit payable to Mr. Hooper upon his retirement and assuming he continues to be employed by the Bank until age 65 has been increased from $45,000 to $75,000. Mr. Hooper's benefit is payable for 13 years. The foregoing descriptions of the Amended and Restated Employment Agreement and the SERP Amendments do not purport to be complete and are qualified in their entirety by reference t

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits 10.1 Amended and Restated Employment Agreement by and among Peoples Bancorp of North Carolina, Inc., Peoples Bank and William D. Cable, Sr., dated as of September 19, 2024. 10.2 Second Amendment To Amended and Restated Executive Salary Continuation Agreement by and between Peoples Bank and William D. Cable, Sr., dated as of September 19, 2024. 10.3 First Amendment To Executive Salary Continuation Agreement by and between Peoples Bank and Jeffrey N. Hooper, dated as of September 19, 2024. 3 Table of Contents

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. PEOPLES BANCORP OF NORTH CAROLINA, INC. Date: September 20, 2024 By: /s/ Jeffrey N. Hooper Jeffrey N. Hooper Executive Vice President and Chief Financial Officer 4

View Full Filing

View this 8-K filing on SEC EDGAR