Eagle Bancorp Montana, Inc. (NASDAQ:EBMT) 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 Arrangements of Certain of Officers
On October 18, 2018, to Article III, Section 5 of the Bylaws of Eagle Bancorp Montana, Inc. (the “Company”), the Board of Directors (the "Board") appointed Corey Jensen to the Board, to fill the vacancy arising from the retirement of Larry Dreyer. Mr. Jensen's term will continue until the next annual meeting of the Company’s shareholders at which time it is expected that he will be a nominee of the Board for election by shareholders for a one-year term, or until his resignation or removal, if earlier. Mr. Jensen, age 46, currently serves as the President and Chief Executive Officer of Vision Net, Inc.
There are no family relationships between Mr. Jensen and any director or executive officer of the Company. There are no arrangements or understandings between Mr. Jensen and any other person to which he was selected either as a director or as a member of a committee, and there have been no transactions since January 1, 2017, nor are there any currently proposed transactions, regarding Mr. Jensen that are required to be disclosed by Item 404(a) of Regulation S-K. The Board further determined that Mr. Jensen is an independent director within the meaning of the Nasdaq Marketplace Rules.
Mr. Jensen will receive an annual compensation of $15,000 in cash and $200 for each committee meeting attended, and will receive 4,900 shares of restricted stock on November 1, 2018 to the Company’s 2011 Stock Incentive Plan. The shares will vest over five years.
Mr. Jensen will be appointed to Board Committees in the near future.
About Eagle Bancorp Montana, Inc. (NASDAQ:EBMT)
Eagle Bancorp Montana, Inc. is the bank holding company for Opportunity Bank of Montana (the Bank). The Bank is a Montana-chartered commercial bank. The Bank has equity investments in Certified Development Entities, which have received allocations of New Markets Tax Credits (NMTC). The Company offers wealth management services at its locations through financial advisors employed by the Bank. The Bank originates residential mortgages (one- to four-family) and commercial real estate loans, real estate construction loans, home equity loans, consumer loans and commercial loans. The Bank offers a range of deposit accounts, which include certificates of deposit accounts ranging in terms from 90 days to 5 years, as well as, checking, savings and money market accounts. Individual retirement accounts (IRAs) are included in certificates of deposit.