Muncy Columbia Financial Corporation (OTCMKTS:CCFN) Amends Employment Agreements and Increases Salaries

On December 10, 2024, Muncy Columbia Financial Corporation, operating its wholly-owned subsidiary, Journey Bank, announced significant changes to its employment agreements and compensation structures. The modifications were detailed in a recent 8-K filing submitted to the Securities and Exchange Commission.

Muncy Columbia Financial Corporation revised the employment agreement of Lance O. Diehl, President and Chief Executive Officer, through a First Amendment to Amended and Restated Employment Agreement. The amendment, effective December 10, 2024, eliminated certain clauses allowing part-time work arrangements for Mr. Diehl and adjusted reductions to his Annual Base Salary.

Furthermore, Muncy Columbia Financial Corporation and Journey Bank, in conjunction with Mr. Diehl, entered into a Third Amendment to his Supplemental Executive Retirement Agreement. This amendment extended the commencement date for payment under the retirement agreement to the month following Mr. Diehl reaching the age of 65. Adjustments were made to various benefit amounts and conditions in the agreement to reflect these changes.

In addition to the individual agreements, the boards of directors of the Company and the Bank approved a salary increase for Mr. Diehl and Robert J. Glunk, Executive Chairman of the Company and the Bank, of four percent starting January 1, 2025. The boards also approved cash bonuses for 2024 amounting to $100,000 for both executives.

The details of these amendments and approvals are available in the Exhibit 10.1 and Exhibit 10.2 attached to the 8-K filing.

Investors and stakeholders are urged to review the complete document issued by Muncy Columbia Financial Corporation to gain a comprehensive understanding of the changes to executive compensation agreements and salary adjustments.

This press release reflects the company’s commitment to aligning executive agreements with strategic objectives and maintaining competitive compensation practices within the organization. For more information, interested parties can refer to the full 8-K filing on the SEC’s website.

Please note that this news piece is a summary of the recent 8-K filing by Muncy Columbia Financial Corporation and does not constitute financial advice or an investment recommendation.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Muncy Columbia Financial’s 8K filing here.

About Muncy Columbia Financial

Muncy Columbia Financial Corporation operates as the holding company for Journey Bank that provides banking and related financial services to individual, business, and government customers in Pennsylvania. It offers checking, savings, money market, interest checking, individual retirement, and repurchase sweep accounts, as well as certificates of deposit; and demand and time deposits.