Magnolia Bancorp, Inc. 8-K

What Happened
Magnolia Bancorp (MGNO) filed an 8-K reporting a planned leadership transition: Michael L. Hurley voluntarily gave up his titles as President and Chief Executive Officer of both Magnolia Bancorp and its subsidiary Mutual Savings and Loan Association effective June 1, 2026, and was appointed Executive Chair. The Board appointed Robert W. Kimbro as President and Chief Executive Officer of both the Company and the Association effective June 1, 2026.

Key Details

• Michael L. Hurley (age 78) served as President & CEO of the Association since 1984 and of the Company since its May 2024 formation; his salary was reduced from $295,620 to $175,000 effective June 1, 2026.
• Robert W. Kimbro (age 68), a certified public accountant, was named President & CEO with an initial annual base salary of $175,000; he was a co-owner of SageWay LLC (2020–2026) and previously a partner/NY managing partner at Ernst & Young (retired 2018).
• No special arrangements or related-party transactions were reported in connection with Kimbro’s appointment.
• At the May 28, 2026 annual meeting, shareholders (591,025 shares represented of 832,288 eligible) re-elected the listed director nominees and ratified Mauldin & Jenkins, LLC as the independent registered public accounting firm (vote: 519,701 For; 70,599 Against; 725 Abstain).

Why It Matters
This is a management succession that preserves continuity: Hurley remains involved as Executive Chair while stepping back from day-to-day leadership, and the new CEO, Kimbro, brings decades of accounting and advisory experience. Investors should note the salary adjustments and that the board and shareholders have approved the leadership changes and auditor, which reduces immediate governance uncertainty.