TC Bancshares appoints Scott McLean as CFO with $210k base salary, 3-year term

TC Bancshares, Inc.

McLean appointed CFO of TC Bancshares and TC Federal Bank effective May 18, 2023, succeeding retiring Linda Palmer.
Employment agreement: 3-year initial term, $210k annual base salary, eligibility for up to 20% bonus, relocation up to $20k.
Severance: if terminated without cause or for good reason, 12 months base salary; change-in-control triggers additional lump sum equal to base salary plus average bonus.
Shareholders elected three Class II directors (Bryant, Eiford, Johnson) and ratified Wipfli LLP as independent auditor for 2023.

item 5.02 item 5.07 item 9.01

Executive movements

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Appointed

Scott McLean

Chief Financial Officer

TC Bancshares, Inc.

Effective: 2023-05-18
Filed: May 22, 2023, 7:59 PM ET

appointed Scott “Mac” McLean as Chief Financial Officer

Departed

Linda Palmer

Chief Financial Officer

TC Bancshares, Inc.

Effective: 2023-05-18
Successor: Scott McLean
Filed: May 22, 2023, 7:59 PM ET

In connection with Linda Palmer’s previously announced retirement

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Scott McLean was appointed as Chief Financial Officer at TC Bancshares, Inc..

Action: appointed
Role: Chief Financial Officer

Exact text from the filing

appointed Scott “Mac” McLean as Chief Financial Officer

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Linda Palmer retired as Chief Financial Officer at TC Bancshares, Inc..

Action: retired
Role: Chief Financial Officer

Exact text from the filing

In connection with Linda Palmer’s previously announced retirement

View on SEC.gov

Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

TC Bancshares, Inc. shareholders approved Ratification of the Company’s Independent Registered Public Accountants at the 2023-05-18 meeting.

Proposal: auditor ratification
Outcome: passed
Meeting: 2023-05-18

Exact text from the filing

The shareholders ratified the appointment of Wipfli LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2023.

View on SEC.gov

Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

TC Bancshares, Inc. shareholders approved Election of three Class II director nominees at the 2023-05-18 meeting.

Proposal: director election
Outcome: passed
Meeting: 2023-05-18

Exact text from the filing

The shareholders elected each of the three Class II director nominees to serve a three-year term expiring at the Company’s 2026 annual meeting and until their respective successors are duly elected and qualified.

View on SEC.gov

147 shareholder votes filed in the last 30 days. Browse all shareholder votes →

Source: SEC EDGAR

accession 0000950170-23-023486

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