Magnolia Bancorp: CFO Resigns; Leadership Roles Reassigned
$MGNO · Magnolia Bancorp, Inc.Research Summary
AI-generated summary of this SEC filing
Magnolia Bancorp: CFO Resigns; Leadership Roles Reassigned
What Happened Magnolia Bancorp (and its subsidiary Mutual Savings and Loan Association) announced that Donice Wagner voluntarily resigned as Executive Vice President, Chief Financial Officer and Secretary, effective August 21, 2026. Wagner had been appointed to those roles on September 18, 2025 and said she will return to her consulting practice. To reflect her departure, the company changed titles effective upon her exit: Michael L. Hurley will hold the titles Executive Chair and Chief Executive Officer, and Robert W. Kimbro will hold the titles President and Chief Financial Officer.
Key Details
- Donice Wagner resignation filed August 10, 2026; effective August 21, 2026.
- Wagner had joined as an officer on September 18, 2025 and was previously a consultant.
- Robert W. Kimbro (age 68), a CPA with prior roles at SageWay LLC and Ernst & Young, will become President and Chief Financial Officer; his initial annual base salary is $175,000.
- Michael L. Hurley (age 78) will be Executive Chair and Chief Executive Officer; his current annual base salary is $175,000. Hurley had previously relinquished President/CEO titles June 1, 2026 and had an employment agreement dated May 16, 2024.
- Filing states there were no special arrangements or understandings relating to Kimbro’s or Hurley’s selection as officers and no related-party transactions requiring disclosure for Kimbro since the start of Magnolia’s last fiscal year. (Hurley is the father of a non‑employee director, Robert M. Hurley.)
Why It Matters This 8-K documents a senior finance departure and an internal reshuffle that places a CPA (Kimbro) into the CFO role and restores Hurley to the CEO title. For investors, these are material leadership changes that affect management continuity and oversight of financial reporting. The filing provides basic compensation figures and backgrounds but does not disclose any new compensation arrangements beyond base salaries or any immediate transaction or operational impacts.