UNITED COMMUNITY BANCORP (NASDAQ:UCBA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b)On December 23, 2016, Vicki March, Senior Vice President,
Chief Financial Officer and Treasurer of United Community Bancorp
(the Company) and United Community Bank (the Bank) announced that
she was resigning from the Company and the Bank effective as of
January 3, 2017 (the Separation Date). The press release
announcing Ms. Marchs departure is filed as Exhibit 99.1 and is
incorporated herein by reference.
(c)In connection with Ms. Marchs departure, the Company and Ms.
March entered into a Separation Agreement and Release, to which
Ms. Marchs employment agreements with the Company and the Bank
were each terminated. Under the Separation Agreement and Release,
Ms. March will receive a lump sum payment of $196,000, less
normal withholdings.
On December 23, 2016, the Company announced that the Boards of
Directors of the Company and the Bank have appointed David Z.
Rosen as Chief Financial Officer of the Company and the Bank
effective January 3, 2017.
Mr. Rosen, age 35, has more than 11 years of experience in the
banking industry, currently serving as the Banks First Vice
President and Chief Risk Officer since 2014. His current salary
is $123,875. Prior to that time, he was Chief Financial Officer
of The Merchants Bank and Trust Company in West Harrison, Indiana
since 2010. From 2005 until 2010, Mr. Rosen served as an Audit
Supervisor of financial institutions for two public accounting
firms. Mr. Rosen is a certified public accountant and has a
bachelors degree in accounting and business economics from the
Miami University.
Mr. Rosen will receive a base annual salary of $152,000. Mr.
Rosen will also be entitled to continue to participate in the
Banks discretionary performance incentive program and will also
be entitled to other standard benefits afforded to employees of
the Company and the Bank.
For more information, reference is made to the Companys press
release dated December 23, 2016, a copy of which is attached
hereto as Exhibit 99.1 and incorporated herein by reference.
A copy of the Separation Agreement and Release is filed as
Exhibit 10.1 to this Report and is furnished herewith.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits | ||
| Number | Description | ||
| 10.1 |
Separation Agreement and Release by and between United Community Bancorp, United Community Bank and Vicki March |
| 99.1 | Press Release dated December 23, 2016 |
About UNITED COMMUNITY BANCORP (NASDAQ:UCBA)
