Muncy Columbia Financial Corporation Amends Bylaws and Establishes New Share Ownership Policy

Muncy Columbia Financial Corporation (OTCMKTS:CCFN) recently filed a Form 8-K with the Securities and Exchange Commission, announcing amendments to its bylaws and the establishment of a new Share Ownership Policy.

On December 10, 2024, the company’s board of directors modified the bylaws by amending Section 10.2. This amendment specifies that directors must “beneficially own,” as defined by SEC Rule 13d-3, a minimum amount of the company’s common stock established by the board, rather than owning shares “in his or her own name or jointly with his or her spouse.” Additionally, a new Section 16.4 was added, allowing the board to determine a minimum amount of shares that designated officers must “beneficially own” under SEC Rule 13d-3.

The amended and restated bylaws, including these changes, are available as Exhibit 3.2 in the filed report. Following these amendments, the board enacted a Share Ownership Policy on the same day. This policy mandates that specific officers and directors must beneficially own designated amounts of the company’s common stock based on the closing price on the applicable December 31 compliance date.

Key requirements as per the Share Ownership Policy include:
– Executive Vice President and Chief Financial Officer: $100,000
– Senior Executive Vice President: $150,000
– Director, President and Chief Executive Officer: $200,000

The compliance date for individuals holding these positions as of December 10, 2024, is December 31, 2029. For those appointed after this date, compliance will be expected within five years or upon a promotion, appointment, or election to positions with higher stock ownership requirements. In case of noncompliance due to a stock value decrease, individuals need to maintain ownership of the original share quantity.

The policy grants the board discretion to interpret, grant exceptions, or make necessary amendments. It remains subject to interpretation and changes by the board. The document emphasizes periodic assessments to ensure compliance, with adjusted compliance dates for promotions.

The company disclosed that it is currently an Emerging Growth Company as defined by SEC regulations, indicating its status under Rule 405 of the Securities Act of 1933. The board clarified its adherence to financial accounting standards and its intention to comply with regulations.

The shareholders, investors, and stakeholders associated with Muncy Columbia Financial Corporation will likely follow the implications of these changes, with an eye on governance and ownership structures within the organization.

This article is based on the official Form 8-K filing by Muncy Columbia Financial Corporation with the Securities and Exchange Commission.

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.