MidSouth Bancorp, Inc. (NYSE:MSL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
John Davis has been appointed as Executive Vice President and Chief Operating Officer of MidSouth Bancorp, Inc. (the “Company”) and MidSouth Bank, N.A. (the “Bank”), effective as of August 1, 2018. Mr. Davis, age 55, joined the Bank on May 29, 2018 in a nonexecutive capacity pending the receipt of regulatory approvals for his appointments with the Company and the Bank that have now been obtained. Mr. Davis has over 25 years of banking experience including approximately 10 years at Yadkin Bank in North Carolina, having most recently served as Senior Vice President and Director of Operations from 2008 to 2017. Thereafter, Mr. Davis provided consulting services until he joined the Bank. In connection with his appointment Mr. Davis will receive an annual base salary of $245,000 and a one-time signing bonus of $40,000. Mr. Davis will also be eligible for awards to the Company’s 2018 Long-Term Incentive Compensation Plan (the “2018 Plan”) and will be eligible to participate in the Company’s Annual Incentive Compensation Plans. In connection with his appointment, Mr. Davis received awards under the 2018 Plan of 2,304 shares of restricted stock that vest in annual installments over three years commencing on the first anniversary of the grant date and 5,761 shares of performance-based restricted stock units that vest upon the achievement of certain performance criteria.
About MidSouth Bancorp, Inc. (NYSE:MSL)
MidSouth Bancorp, Inc. is a financial holding company. The Company operates primarily through its wholly owned bank subsidiary, MidSouth Bank, N.A. The Company is operating principally in the community banking business by providing banking services to commercial and retail customers through the Bank. The Bank is community oriented and focuses primarily on offering commercial and consumer loan and deposit services to individuals and small to middle market businesses in Louisiana, and central and east Texas. Deposit products and services offered by the Bank include interest-bearing and noninterest-bearing checking accounts, investment accounts, cash management services and electronic banking services, including remote deposit capturing services, Internet banking, and debit and credit cards. Loans offered by the Bank include commercial and industrial loans, commercial real estate loans (both owner-occupied and non-owner occupied), other loans secured by real estate and consumer loans.
