Bankwell Financial Group, Inc. (NASDAQ:BWFG) 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 |
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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 |
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(e)
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On February 7, 2017, Bankwell Bank, subsidiary of Bankwell
Financial Group, Inc. (Nasdaq BWFG) entered into Bank Owned Life Insurance Agreements with three of its executives, Christopher Gruseke, President and Chief Executive officer; Penko Ivanov, Executive Vice President and Chief Financial Officer; and David Dineen, Executive Vice President and Head of Community Banking. In addition, the Bank Owned Life Insurance Agreements for Heidi DeWyngaert, Executive Vice President and Chief Lending Officer; and Christine Chivily, Executive Vice President and Chief Credit Officer were amended to mirror the terms of the Agreements for the other executive officers. Each Agreement provides for the Bank to invest in life insurance policies for the individuals, with death benefits (assuming vesting which is defined as age 60 plus five years of service) split with the executive receiving 2x base salary while employed and, afterwards, the benefit is capped at $250K. The Agreements are terminable by the Bank in the Bank’s discretion. |
About Bankwell Financial Group, Inc. (NASDAQ:BWFG)
Bankwell Financial Group, Inc. is a bank holding company. The Company offers a range of financial services through its banking subsidiary, Bankwell Bank (the Bank). The Bank is a Connecticut state non-member bank. The Bank provides a range of banking services to commercial and consumer customers, concentrated in the Fairfield and New Haven Counties region of Connecticut. The Bank’s commercial lending products include owner-occupied commercial real estate loans, commercial real estate investment loans, commercial loans (such as business term loans, equipment financing and lines of credit) to small and mid-sized businesses, and real estate construction and development loans. The Bank’s retail lending products include residential mortgage loans, home equity lines of credit and consumer installment loans. Its depository products include checking, savings, money market, certificates of deposit, noninterest-bearing demand, negotiable order of withdrawal (NOW) and time deposits. Bankwell Financial Group, Inc. (NASDAQ:BWFG) Recent Trading Information
Bankwell Financial Group, Inc. (NASDAQ:BWFG) closed its last trading session up +0.61 at 32.38 with 4,442 shares trading hands.
