WESTBURY BANCORP, INC. (NASDAQ:WBB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
WESTBURY BANCORP, INC. (NASDAQ:WBB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 20, 2017, the Board of Directors of the Company accepted the resignation of Raymond Lipman from his position as director and as the Chairman of the Board of Directors of the Company. Mr. Lipman’s resignation is not due to any disagreements with the Company or any of its operations, policies or practices. In connection with the resignation, Mr. Lipman will no longer be a director or Executive Chairman of Westbury Bank (the “Bank”).
Both Mr. Lipman and Greg Remus, the current President and CEO of the Company and Bank, entered into employment agreements with the Company and the Bank in 2015 with the goal of effecting an orderly transition in management from Mr. Lipman to Mr. Remus. The transition has progressed efficiently, and the Board of Directors of the Company and Bank, including Mr. Lipman and Mr. Remus, believe the completion of the transition to be in the best interests of the Company and Bank. Accordingly, in connection with Mr. Lipman’s resignation from the Company’s Board, the Board has appointed Mr. Remus as Chairman of the Board of the Company and the Bank following Mr. Lipman’s resignation. Following Mr. Lipman’s resignation, the Company’s Board of Directors will consist of seven members until such time as the Board determines to make additional changes.
About WESTBURY BANCORP, INC. (NASDAQ:WBB)
Westbury Bancorp, Inc. is the savings and loan holding company for Westbury Bank (the Bank). The Bank is a federally chartered savings bank. As of September 30, 2016, the Company conducted its business through its office located in West Bend, Wisconsin, seven branch offices in West Bend, Brookfield, Germantown, Hartford, Jackson, Kewaskum and Slinger, Wisconsin, and loan production offices in Madison and Appleton, Wisconsin. Its loans include commercial real estate loans, one- to four-family residential real estate loans, multifamily loans, commercial business loans, and construction loans and consumer loans, including home equity lines of credit and automobile loans. Its investment securities consist of the United States Government and Agency Obligations, Residential Mortgage-Backed Securities, Corporate Securities and Federal Home Loan Bank Stock. Deposits are the Company’s primary source of funds for use in lending and investment activities. WESTBURY BANCORP, INC. (NASDAQ:WBB) Recent Trading Information
WESTBURY BANCORP, INC. (NASDAQ:WBB) closed its last trading session up +0.15 at 21.15 with 3,497 shares trading hands.
Westbury Bancorp, Inc. is the savings and loan holding company for Westbury Bank (the Bank). The Bank is a federally chartered savings bank. As of September 30, 2016, the Company conducted its business through its office located in West Bend, Wisconsin, seven branch offices in West Bend, Brookfield, Germantown, Hartford, Jackson, Kewaskum and Slinger, Wisconsin, and loan production offices in Madison and Appleton, Wisconsin. Its loans include commercial real estate loans, one- to four-family residential real estate loans, multifamily loans, commercial business loans, and construction loans and consumer loans, including home equity lines of credit and automobile loans. Its investment securities consist of the United States Government and Agency Obligations, Residential Mortgage-Backed Securities, Corporate Securities and Federal Home Loan Bank Stock. Deposits are the Company’s primary source of funds for use in lending and investment activities. WESTBURY BANCORP, INC. (NASDAQ:WBB) Recent Trading Information
WESTBURY BANCORP, INC. (NASDAQ:WBB) closed its last trading session up +0.15 at 21.15 with 3,497 shares trading hands.
