Bancorp 34 Reports CEO James Crotty's Resignation and Separation Agreement

Bancorp 34, Inc.

CEO James Crotty resigned effective April 1, 2024; replaced by Ciaran McMullan as Chairman and CEO of Bancorp 34 and Southwest Heritage Bank.
Separation agreement provides $320,000 severance, $22,500 prorated bonus, $80,000 retention bonus installments, and $3,500 attorney fees.
Company accelerates vesting of 18,600 unvested stock options and 5,289 restricted shares; extends option exercise period to April 1, 2025.
Non-competition provision waived; company will pay COBRA premiums for up to 18 months.
Crotty releases all claims; separation agreement dated April 18, 2024 filed as exhibit.

item 5.02 item 9.01

Executive movements

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Appointed

Ciaran McMullan

Chairman and Chief Executive Officer

BCTF · Bancorp 34, Inc.

Effective: 2024-04-01
Filed: April 24, 2024, 7:59 PM ET

Ciaran McMullan was appointed as Chairman and Chief Executive Officer of the Company and the Bank effective as of April 1, 2024.

Departed

James T. Crotty

Chief Executive Officer

BCTF · Bancorp 34, Inc.

Successor: Ciaran McMullan
Filed: April 24, 2024, 7:59 PM ET

James T. Crotty, the Chief Executive Officer of the Company and Southwest Heritage Bank (the “Bank”), resigned from those positions as well as from his positions as a member of the boards of directors of the Company and the Bank, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

Ciaran McMullan was appointed as Chairman and Chief Executive Officer at Bancorp 34, Inc..

Action: appointed
Role: Chairman and Chief Executive Officer

Exact text from the filing

Ciaran McMullan was appointed as Chairman and Chief Executive Officer of the Company and the Bank effective as of April 1, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

James T. Crotty resigned as Chief Executive Officer at Bancorp 34, Inc..

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

James T. Crotty, the Chief Executive Officer of the Company and Southwest Heritage Bank (the “Bank”), resigned from those positions as well as from his positions as a member of the boards of directors of the Company and the Bank, effective immediately.

View on SEC.gov

Bancorp 34, Inc. filing history →

Source: SEC EDGAR

accession 0001552781-24-000246

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