COLONY BANKCORP, INC. (NASDAQ:CBAN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
| (e) | The Independent Directors Compensation Committee of Colony Bankcorp, Inc. (“the Company”) has approved salaries for certain of its named executive officers. The following table shows the approved corporation salaries. |
| Base | Base | |
| Name | Salary ($) | Salary ($)(1) |
| T. Heath Fountain | N/A(2) | $300,000 |
| President and CEO | ||
| Colony Bankcorp, Inc. | ||
| Terry L. Hester | 210,000 | 214,000 |
| Executive Vice President | ||
| CFO | ||
| Colony Bankcorp, Inc. | ||
| Kimberly C. Dockery | N/A(2) | 130,000 |
| Executive Vice President | ||
| Chief Administrative Officer | ||
| Colony Bankcorp, Inc. | ||
| Lee A. Northcutt | 168,500 | 172,500 |
| Executive Vice President | ||
| Regional Market Executive | ||
| Eastern Division | ||
| Colony Bank | ||
| M. Eddie Hoyle, Jr. | 170,000 | 174,000 |
| Executive Vice President | ||
| Regional Market Executive | ||
| Western Division | ||
| Colony Bank | ||
| J. Stan Cook | 162,000 | 166,000 |
| Executive Vice President | ||
| Chief Operating Officer | ||
| Colony Bank | ||
| Lee Bagwell | 140,000 | 143,000 |
| Chief Credit Officer | ||
| In-House Counsel | ||
| Colony Bank |
|
(1) |
Compensation Committee approved base salary adjustments for its named executive officers to be effective with the August 23, 2018 payroll run. The committee indicated at year end 2017 that they would assess company performance in mid-year 2018 for review of any base salary adjustments. |
| (2) | T. Heath Fountain and Kimberly C. Dockery began employment at Colony effective July 30, 2018. |
SIGNATURES
About COLONY BANKCORP, INC. (NASDAQ:CBAN)
Colony Bankcorp, Inc. (Colony) is a bank holding company. The Company operates through its subsidiary, Colony Bank (the Bank). The Bank offers traditional banking products and services to commercial and consumer customers in its markets. The Bank’s product line includes loans to small and medium-sized businesses, residential and commercial construction and land development loans, commercial real estate loans, commercial loans, agri-business and production loans, residential mortgage loans, home equity loans, consumer loans and a range of demand, savings and time deposit products, among others. The Bank also offers Internet banking services, electronic bill payment services, safe deposit box rentals, telephone banking, credit and debit card services, remote depository products and access to a network of automated teller machines (ATMs) to its customers. It conducts a full service commercial, consumer and mortgage banking business through approximately 30 offices in various cities.