NATIONAL COMMERCE CORPORATION (NASDAQ:NCOM) 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.
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Departure of Directors or Certain Officers; |
At a meeting held on March 21, 2017, the board of directors of
National Commerce Corporation (the Company) appointed Richard
Murray, IV to the position of Chief Executive Officer of the
Company, effective May 31, 2017. Mr. Murray currently serves as
President and Chief Operating Officer of the Company and as
President and Chief Executive Officer of the Companys banking
subsidiary, National Bank of Commerce (the Bank). Mr. Murray has
served as a director of both the Company and the Bank since 2010
and will continue to serve as a director of both of the Company
and the Bank following the effectiveness of his appointment.
John H. Holcomb, III, who currently serves as the Companys Chief
Executive Officer and as the Chairman of the boards of directors
of the Company and the Bank, will remain on both boards in the
new position of Executive Chairman, effective May 31, 2017. In
this role, Mr. Holcomb expects to remain active with board
oversight activity and strategic planning and intends to continue
serving on a number of board committees and Bank-level management
committees. He also plans to participate in investor conferences
and presentations, represent the Company in local community
activities and charitable functions, and maintain and enhance
existing relationships with customers of the Company and the
Bank.
The terms of the compensation that Mr. Murray and Mr. Holcomb
will receive following their transition into their new respective
roles have not been determined at this time. A copy of the press
release issued by the Company on March 21, 2017 to announce the
appointment of Mr. Murray as Chief Executive Officer and the
transition of Mr. Holcomb into an Executive Chairman role is
filed as Exhibit 99.1 to this Current Report on Form 8-K and is
incorporated herein by reference.
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Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits
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Exhibit No. |
Description of Exhibit |
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99.1 |
Press Release dated March 21, 2017 |
About NATIONAL COMMERCE CORPORATION (NASDAQ:NCOM)
National Commerce Corporation (NCC) is a financial holding company. The Company is engaged in the business of banking through its banking subsidiary, National Bank of Commerce (the Bank). The Company, through the Bank, provides a range of financial services to businesses, business owners and professionals. The Bank’s loan portfolio includes construction, land development and other land loans; loans secured by farmland; loans secured by one- to four-family residential properties; loans secured by multifamily residential properties; loans secured by nonfarm nonresidential properties; loans secured by real estate; commercial and industrial loans; consumer loans, and other loans. The Bank’s investment securities available-for-sale include the United States treasury securities, securities issued by states and political subdivisions, residential mortgage pass-through securities and investment in mutual funds and other equity securities. The Bank’s primary sources of funds are deposits. NATIONAL COMMERCE CORPORATION (NASDAQ:NCOM) Recent Trading Information
NATIONAL COMMERCE CORPORATION (NASDAQ:NCOM) closed its last trading session down -1.40 at 35.35 with 29,940 shares trading hands.