Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 10, 2022, the Board of Directors of Southern Missouri Bancorp, Inc. (the “Company”), the parent holding company for Southern Bank (the “Bank”), announced the adoption of an executive leadership transition plan.
Greg A. Steffens, the current President and Chief Executive Officer of the Bank and the Company has been appointed as Chairman of the Board of the Company and the Bank effective July 1, 2022. At that time, Mr. Steffens will also transition to Chief Executive Officer of the Company, thereby relinquishing his roles as President of the Company and President and Chief Executive Officer of the Bank. Mr. Bagby, the current Chairman of the Board of the Company and Mr. Schalk, the current Chairman of the Board of the Bank will continue to serve on the respective boards as directors and Vice Chairs effective with Mr. Steffens’ transition to Chairman. Mr. Bagby will also serve as lead outside director for the Company.
Matthew T. Funke, age 45, currently serving as the Executive Vice President and Chief Financial Officer of the Company and the Bank, is being promoted to the position of President and Chief Administrative Officer of the Company and President, Chief Executive Officer and a director of the Bank. These changes will also be effective July 1, 2022. Mr. Funke joined the Bank in 2003 as an internal auditor and became Chief Financial Officer of the Bank in 2006 and the Company in 2010.
There are no arrangements or understandings between Mr. Funke and any other person required to be disclosed pursuant to Item 401(b) of Regulation S-K or Item 5.02(d)(2) of Form 8-K. Mr. Funke has no family relationships required to be disclosed pursuant to Item 401(d) of Regulation S-K and has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
The Boards of Directors of the Company and the Bank also approved the appointment of Lora L. Daves, age 55, to the position of Executive Vice President and Chief Financial Officer of the Company and the Bank.to be effective as of July 1, 2022. Ms. Daves currently serves as Executive Vice President and Chief Risk Officer of the Company and the Bank. Previously, she served as Chief Credit Officer of the Bank from 2006 to 2016.
There are no arrangements or understandings between Ms. Daves and any other person required to be disclosed pursuant to Item 401(b) of Regulation S-K or Item 5.02(d)(2) of Form 8-K. Ms. Daves has no family relationships required to be disclosed pursuant to Item 401(d) of Regulation S-K and has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
A copy of the press release issued by the Company on March 11, 2022 announcing the executive leadership transition plan is attached as Exhibit 99.1 to this report and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(d)Exhibits
99.1Press Release dated March 11, 2022
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