Company: MGNO
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000927089-25-000061
Chunk: 19

Company: Magnolia Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 19
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, possesses knowledge of our financial statements and audit functions. In September 2024, Ms. Cambre announced that she had accepted another full-time but less time-intensive job that will enable her to spend more time with her family. Ms. Cambre has agreed to stay in her current positions on a part-time basis at least through completion of the conversion and to train a new accounting person we hired in September 2024. The loss of Mr. Hurley, or our inability to successfully train Ms. Cambre’s replacement prior to her departure or our inability to hire additional qualified personnel, could impact our ability to implement our business strategy and could have a material adverse effect on our results of operations and our ability to compete in our markets. We do not maintain “key-person” life insurance on any member of our senior management team.

Because of our small number of employees, management succession planning is critical to our future success.

At December 31, 2024, we had a total of nine employees, consisting of our two executive officers, an administrative assistant. a compliance officer, an accountant. a loan processor, an escrow administrator and two tellers. Our Chairman of the Board, President and Chief Executive Officer, who as noted above has been with us for 40 years, is 76 years old as of December 31, 2024. The board of directors has adopted a succession policy which provides that if the President and Chief Executive Officer is unable to perform his duties for any reason, then our Vice President and Chief Financial Officer will assume those responsibilities on an interim basis while a search for a permanent replacement is conducted from both within and outside the organization. While our President and Chief Executive Officer has not announced any decision to retire in the near future, the board of directors has requested that it be given at least 90 to 180 days’ advance notice of any planned retirement, and the President and Chief Executive Officer has agreed to do so.

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We are a community bank and our ability to maintain our reputation is critical to the success of our business. The failure to do so may materially adversely affect our performance.

We are a community bank, and our reputation is one of the most valuable components of our business. A key factor in implementing our business strategy is our reputation for customer service and knowledge of local markets to expand our presence by capturing new business opportunities from existing and prospective customers in our market area and contiguous areas. Threats to our reputation can come from many sources, including adverse sentiment about financial institutions generally, unethical practices