OLD POINT FINANCIAL CORPORATION (NASDAQ:OPOF) 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 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
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Appointment of New Chief Financial Officer
On May 23, 2017, Old Point Financial Corporation (the
Company) announced that the Company’s Board of Directors has appointed Mr. Jeffrey W. Farrar, 56, to the position of Chief Financial Officer and Senior Vice President/Finance of the Company and Chief Financial Officer and Executive Vice President of The Old Point National Bank of Phoebus (the Bank). Mr. Farrar’s appointment is effective June 1, 2017. He will also serve as the Company’s Principal Financial and Accounting Officer. Mr. Farrar succeeds Mrs. Laurie D. Grabow as Chief Financial Officer, who as previously announced will retire effective May 31, 2017.
Mr. Farrar began his career in public accounting with BDO
Seidman (now BDO USA, LLP) and has more than 20 years of experience in banking, serving as Chief Financial Officer for StellarOne Corporation and its predecessor companies for 18 years and as Director of Wealth Management, Mortgage and Insurance for Union Bankshares Corporation for the past 3 years. Mr. Farrar earned his B.S. in accounting from Virginia Tech and his MBA from Virginia Commonwealth University. He is a certified public accountant.
The material terms of Mr. Farrar’s compensation will
include an initial base annual salary of $285,000, subject to annual performance reviews, and participation in the Company’s short- and long-term incentive plans, with a guaranteed annual cash bonus of 9% of base salary for 2017, prorated for time employed during 2017. Mr. Farrar also will receive a sign-on equity award valued at $200,000, with vesting over four years. He will be entitled up to $60,000 in relocation expenses and $1,500 per month for up to 6 months in temporary living expenses. Mr. Farrar will be eligible to participate in the Bank’s employee benefit plans and programs on terms offered to similarly situated employees. Mr. Farrar and the Company anticipate entering into an employment agreement.
There are no arrangements or understandings between Mr.
Farrar and any other person to which he was appointed, nor are there are any family relationships between Mr. Farrar and any of the Company’s directors or executive officers. Mr. Farrar does not have any material interest in any transactions, relationships or arrangements with the Company that would require disclosure under Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended.
A copy of the Company’s press release with respect to Mr.
Farrar’s appointment is attached as Exhibit 99.1 to this Current Report on Form 8-K. |
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Additional Employment of Retiring Chief Financial Officer
In order to provide a smooth transition of the Chief
Financial Officer role, following her retirement on May 31, 2017, Mrs. Grabow will provide services to the Company and the Bank on a part-time basis as a non-executive employee until no later than July 14. Mrs. Grabow will be paid on an hourly basis and will be reimbursed for travel and business expenses.
The foregoing description of the Additional Employment
Arrangement is only a summary and is qualified in its entirety by reference to the Additional Employment Arrangement itself, a copy of which is attached as Exhibit 10.18 to this Current Report on Form 8-K and is incorporated by reference herein. |
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(d)
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Exhibits
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Exhibit 10.18
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Additional Employment Arrangement by and among Laurie D.
Grabow and Old Point Financial Corporation and The Old Point National Bank of Phoebus, dated as of May 23, 2017 |
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Exhibit 99.1
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Press release dated May 23, 2017
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About OLD POINT FINANCIAL CORPORATION (NASDAQ:OPOF)
Old Point Financial Corporation is a holding company that conducts all of its operations through two subsidiaries, The Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services, N.A. (the Trust). The Company operates in three principal business segments: the Bank, the Trust and the Parent. The Company is the parent company of Trust and the Bank. The Bank is an independent community bank. The Bank had approximately 18 branch offices serving the Hampton Roads localities of Hampton, Newport News, Norfolk, Virginia Beach, Chesapeake, Williamsburg/James City County, York County and Isle of Wight County. The Bank offers a complete line of consumer, mortgage and business banking services, including loan, deposit and cash management services. The Bank offers a range of deposit and loan products to its retail and commercial customers. The Trust is a nationally chartered trust company and is wealth management services provider. OLD POINT FINANCIAL CORPORATION (NASDAQ:OPOF) Recent Trading Information
OLD POINT FINANCIAL CORPORATION (NASDAQ:OPOF) closed its last trading session up +0.30 at 30.17 with 10,437 shares trading hands.
