MB Bancorp, Inc. (OTCMKTS:MBCQ) Files An 8-K Costs Associated with Exit or Disposal Activities
Item 2.05
|
Costs Associated with Exit or Disposal Activities. |
On December 29, 2016 MB Bancorp, Inc. (the Company) and Madison
Bank of Maryland (the Bank) implemented an expense management
reduction program to which the Bank reduced its workforce by
seven employees effective December 31, 2016.This reduction in
workforce follows the separation of employment of two additional
employees during the quarter ended December 31, 2016. The nine
employees whose positions were eliminated received severance
packages, for which the Company expects to record aggregate
severance expenses of approximately $91,000, pre-tax, during the
quarter ended December 31, 2016.
| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e)Ms. Robin L. Taylor, former Chief Financial Officer of the
Company and the Bank, received a severance payment of $21,646 in
connection with the above-referenced expense management reduction
program.
MB Bancorp, Inc. (OTCMKTS:MBCQ) Recent Trading Information
MB Bancorp, Inc. (OTCMKTS:MBCQ) closed its last trading session 00.00 at 14.50 with 300 shares trading hands.