Company: MGNO
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000927089-25-000061
Chunk: 38

Company: Magnolia Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 38
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 Homestead from January 2010 through October 2020, she was also responsible for managing the risk management function, including identifying potential threats, assessing their likelihood and severity, and implementing measures to mitigate them. She is a Certified Community Bank Compliance Officer and has a degree from the University of Louisiana at Lafayette in finance. She was 67 years old as of December 31, 2024.

Meetings and Committees of the Board of Directors of Magnolia Bancorp

As of December 31, 2024, the board of directors of Magnolia Bancorp had met seven times since the incorporation of Magnolia Bancorp in May 2024 to address certain organizational matters and to approve various matters related to the conversion. The board of directors has established the following standing committees: the audit committee, the nominating and corporate governance committee and the compensation committee. Each of these committees operate under a written charter, which governs its composition, responsibilities and operations. Each member of each committee satisfies the applicable independence requirements of the Securities and Exchange Commission.

Corporate Governance Policies and Procedures

In addition to establishing committees of our board of directors, we have adopted several policies to govern the activities of both Magnolia Bancorp and Mutual Savings and Loan Association, including corporate governance policies and a code of business conduct and ethics. The corporate governance policies involve such matters as the following:

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      the composition, responsibilities and operation of our board of directors; 

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      the establishment and operation of board committees, including audit, nominating/corporate governance and compensation committees; 

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      convening executive sessions of independent directors; and 

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      our board of directors’ interaction with management and third parties. 

The code of business conduct and ethics, which applies to all employees and directors, addresses conflicts of interest, the treatment of confidential information, general employee conduct and compliance with applicable laws, rules and regulations. In addition, the code of business conduct and ethics is designed to deter wrongdoing and to promote honest and ethical conduct, the avoidance of conflicts of interest, full and accurate disclosure and compliance with all applicable laws, rules and regulations.

Board Leadership Structure

Our board of directors is led by a Chairman selected by the Board from time to time. Presently, Michael L. Hurley serves as Chairman of the Board. We have determined that Messrs. Andressen, Burkhalter and Manson are independent directors as defined in the OTCQB Standards.

The board of directors determined that selecting our Chief Executive Officer as Chairman is