MidWestOne Financial Group, Inc. (NASDAQ:MOFG) 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.
On June 11, 2018, MidWestOne Financial Group, Inc. (the “Company”) announced that Gary L. Sims has been hired as Senior Vice President – Credit Administration, and he will begin his employment with the Company and MidWestOne Bank, the Company’s subsidiary bank (the “Bank”), on June 25, 2018. Mr. Sims will succeed Kent L. Jehle in the position of Chief Credit Officer of the Company and the Bank, effective upon Mr. Jehle's previously announced retirement, which will be on September 1, 2018. Mr. Sims, age 56, previously served as Managing Director – Corporate and Institutional, of NHB Bank, a subsidiary of National Bank Holding Corporation, of Greenwood Village, Colorado. Prior to this role, Mr. Sims acted as NHB Bank's Chief Credit Officer between 2011 and 2017, and prior to that, was a Senior Credit Officer with Regions Bank from 2005 to 2011.
There are no family relationships between Mr. Sims and any of the Company’s directors or executive officers. There is no arrangement or understanding between Mr. Sims and any other person to which he was selected as an officer, nor is the Company aware, after inquiry of Mr. Sims, of any related-person transaction or series of transactions required to be disclosed under Item 404(a) of Regulation S-X promulgated under the Securities Exchange Act of 1934, as amended.
A copy of the press release announcing the appointment of Mr. Sims to the position of Chief Credit Officer is attached hereto as Exhibit 99.1.
In connection with the appointment of Mr. Sims, the Company and Mr. Sims entered into an employment agreement, the form of which is substantially similar to the employment agreements entered into with other executive officers of the Company. The employment agreement provides for an annual base salary of $230,000, minimum annual target incentive award opportunities and certain employee and fringe benefits. The foregoing description of the employment agreement between the Company and Mr. Sims is qualified in its entirety by the text of the employment agreement, attached hereto as Exhibit 10.1.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits. The following exhibits are filed herewith:
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Employment Agreement between MidWestOneFinancial Group, Inc. and Gary L. Sims, effective June 25, 2018. |
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MidWestOneFinancial Group, Inc. Press Release dated June 11, 2018. |
MidWestOne Financial Group, Inc. ExhibitEX-10.1 2 exhibit101simsemploymentag.htm EXHIBIT 10.1 Exhibit Exhibit 10.1MIDWESTONE FINANCIAL GROUP,…To view the full exhibit click here
About MidWestOne Financial Group, Inc. (NASDAQ:MOFG)
MidWestOne Financial Group, Inc. is a bank holding and financial holding company. The Company operates through its bank subsidiaries, MidWestOne Bank, Central Bank and MidWestOne Insurance Services, Inc. MidWestOne Bank and Central Bank provide service retail banking in the communities in which their respective branch offices are located. Its deposit products include checking and other demand deposit accounts, negotiable order of withdrawal accounts, savings accounts, certificates of deposit, individual retirement accounts, non-interest-bearing demand deposits and money market accounts. MidWestOne Bank and Central Bank offer commercial and industrial, agricultural, real estate mortgage and consumer loans. Other products and services include debit cards, automated teller machines, online banking, mobile banking and safe deposit boxes. The principal service consists of making loans to and accepting deposits from individuals, businesses, governmental units and institutional customers.
