Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On July 31, 2020, FFBW, Inc. (the “Company”) announced the appointment of Edward H. Schaefer, age 58, as the Company’s Principal Financial Officer.
Mr. Schaefer is president and chief executive officer of the Company and its wholly owned banking subsidiary, First Federal Bank of Wisconsin (“First Federal”), positions he has held since July 2016. Prior to these appointments, from 2010 until 2016, Mr. Schaefer served as president and chief executive officer of Citizens Community Federal NA, a national bank headquartered in Eau Claire, Wisconsin, and its publicly traded holding company, Citizens Community Bancorp, Mr. Schaefer has over 25 years of banking experience, including managerial as well as all aspects of credit administration and underwriting. In addition to his extensive banking experience, during his career Mr. Schaefer served for seven years as president and chief executive officer of Huntsinger Farms, Inc., and its subsidiary Silver Spring Foods, Inc., Eau Claire, Wisconsin, one the world’s largest grower and processors of horseradish and horseradish related products.
Mr. Schaefer has entered into an employment agreement with First Federal, effective as of January 16, 2020. Mr. Schaefer has also entered into a deferred compensation agreement with First Federal and a life insurance agreement with First Federal pursuant to which First Federal has purchased a life insurance policy on Mr. Schaefer’s life.
Descriptions of each of these plans are incorporated herein by reference to the Company’s definitive proxy statement filed with the SEC on April 20, 2020, and copies of these plans are incorporated herein by reference to the Company’s Annual Report on Form 10-K filed with the SEC on March 26, 2020.
