---
schema_version: "secwatch.filing_event.v1"
accession: "0001552781-24-000246"
form_type: "8-K"
ticker: "BCTF"
cik: "0001668340"
company_name: "Bancorp 34, Inc."
filed_at: "2024-04-24T23:59:59+00:00"
generated_at: "2026-06-03T09:42:38.222234+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001552781-24-000246
- form_type: 8-K
- ticker: BCTF
- cik: 0001668340
- company_name: Bancorp 34, Inc.
- filed_at: 2024-04-24T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1668340/000155278124000246/0001552781-24-000246-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1668340/000155278124000246/e24202_bctf-8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001552781-24-000246
- JSON: https://secwatch.observer/filing/0001552781-24-000246.json
- Plain text: https://secwatch.observer/filing/0001552781-24-000246.txt

## Key facts
- Executive change
  Ciaran McMullan was appointed as Chairman and Chief Executive Officer at Bancorp 34, Inc..
  - Action: appointed
  - Role: Chairman and Chief Executive Officer
  source text: Ciaran McMullan was appointed as Chairman and Chief Executive Officer of the Company and the Bank effective as of April 1, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1668340/000155278124000246/0001552781-24-000246-index.htm
- Executive change
  James T. Crotty resigned as Chief Executive Officer at Bancorp 34, Inc..
  - Action: resigned
  - Role: Chief Executive Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1668340/000155278124000246/0001552781-24-000246-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.