Management ChangeJun 1, 2026, 02:15 PM
Magnolia Bancorp Appoints Robert Kimbro as New CEO; Hurley Becomes Executive Chair
AI Summary
Magnolia Bancorp, Inc. announced a planned leadership transition, appointing Robert W. Kimbro as its new President and Chief Executive Officer, effective June 1, 2026. Michael L. Hurley, previously Chairman, President, and CEO, transitioned to Executive Chair of the Board for both Magnolia Bancorp and its subsidiary, Mutual Savings and Loan Association. Mr. Hurley's salary was reduced to reflect his changed responsibilities. Additionally, the company held its Annual Meeting of Shareholders on May 28, 2026, where directors were elected and the appointment of the independent auditor was ratified.
Key Highlights
- Robert W. Kimbro appointed President and Chief Executive Officer of Magnolia Bancorp and Mutual Savings, effective June 1, 2026.
- Michael L. Hurley transitioned from Chairman, President, and CEO to Executive Chair of the Board for both entities.
- Mr. Hurley's salary was reduced from $295,620 to $175,000 to reflect his reduced responsibilities.
- Mr. Kimbro's initial annual base salary is $175,000.
- The Annual Meeting of Shareholders was held on May 28, 2026, with 591,025 shares represented.
- Shareholders elected John H. Andressen and Peyton B. Burkhalter as directors for a three-year term.
- The appointment of Mauldin & Jenkins, LLC as the independent registered public accounting firm for 2026 was ratified.
- Mutual Savings will establish an Executive Committee for strategic oversight.
Price Impact
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