EAGLE FINANCIAL SERVICES, INC. (OTCMKTS:EFSI) 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
EAGLE FINANCIAL SERVICES, INC. (OTCMKTS:EFSI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On May 1, 2019, the Board of Directors of Eagle Financial Services, Inc. (the “Company”) appointed Brandon C. Lorey as President and Chief Executive Officer of the Company and its subsidiary bank, Bank of Clarke County (the “Bank”), effective July 8, 2019. Mr. Lorey is expected to begin working at the Company and the Bank in June 2019 to transition into his new role.
Mr. Lorey, age 50, most recently served as Executive Vice President, Head of Consumer Banking of United Bank, a $7.3 billion asset bank headquartered in Connecticut, since 2015. Previously, he served as Executive Vice President, Consumer Lending from April 2014 to June 2015, as Senior Vice President, Head of Consumer Lending from February 2013 to April 2014. Prior to joining United Bank and its predecessors, he served as Chief Credit and Lending Officer for H&R Block Bank in Kansas City, Senior Vice President at Sovereign Bank in Pennsylvania and held various roles at Chevy Chase Bank, Federal Savings Bank in Maryland, including Vice President of risk, finance, operations and direct sales.
Mr. Lorey will receive a base salary of $400,000 and will be eligible to receive cash and equity bonuses and performance-based compensation based on ranges and goals to be established by the Company. In addition, he will receive a $100,000 restricted stock award in each of the first two years of his employment. Mr. Lorey will be eligible for reimbursement of certain business expenses, including up to $100,000 of actual relocation expenses. The Company and Mr. Lorey expect to enter into an employment agreement that will set forth these terms and, among other terms, provide for a change of control benefit equal to 299% of his annualized compensation if he is terminated without cause or resigns for good reason within one year following a change in control of the Company. In addition, the Board of Directors anticipates naming Mr. Lorey as a director of the Company and the Bank in connection with his appointment.
John R. Milleson, who had previously announced his retirement as President and Chief Executive Officer of the Company and the Bank, will continue to assist with Mr. Lorey’s transition until July 5, 2019, when he will officially retire from those roles.
About EAGLE FINANCIAL SERVICES, INC. (OTCMKTS:EFSI)
Eagle Financial Services, Inc. is a bank holding company. The Company conducts its operations through its subsidiary, Bank of Clarke County (the Bank). The Bank offers a range of retail and commercial banking services, including demand, savings and time deposits and consumer, mortgage and commercial loans. The Bank has approximately 12 full-service branches and one drive-in only facility. The Bank has over 13 automated teller machine (ATM) locations in its trade area, and issues both ATM cards and Debit cards to deposit customers. The Bank offers telephone banking, Internet banking and mobile banking to its customers. Internet banking also offers online bill payment to consumer and commercial customers. The Bank offers other commercial deposit account services, such as automated clearing house (ACH) origination and remote deposit capture. Eagle Investment Group (EIG), a division of the Bank, offers both a trust department and investment services.