Company: MGNO
Filing Date: 2025-08-14
Form Type: DEF 14A
Source: 0000927089-25-000145
Chunk: 8

Company: Magnolia Bancorp, Inc.
Filing Date: 2025-08-14
Form: DEF 14A
Chunk 8
---
 corporate accounting and reporting practices. The Audit Committee reviews with management and the independent auditors the systems of internal control, reviews the annual financial statements, including the Annual Report on Form 10-K, and monitors our adherence in accounting and financial reporting to generally accepted accounting principles. The Board of Directors has identified Mr. Manson as a member of the Audit Committee who meets the Securities and Exchange Commission’s definition of audit committee financial expert. The Board of Directors believes that all of the Audit Committee members have sufficient expertise to fulfill their fiduciary duties.

The Board of Directors and the Audit Committee adopted an Audit Committee Charter which is available on our website at www.mutualsavings.com under the “Investor Relations” heading.

Compensation Committee. The Compensation Committee reviews the compensation of our executive officers. No member of the Compensation Committee is a current or former officer or employee of Magnolia Bancorp or Mutual Savings and Loan Association. The Compensation Committee has adopted a written charter which is available on our website at www.mutualsavings.com under the “Investor Relations” heading.

Nominating and Corporate Governance Committee. Nominations for director of Magnolia Bancorp are reviewed by the Nominating and Corporate Governance Committee and submitted to the full Board of Directors for approval. The Charter of the Nominating and Corporate Governance Committee is available on our website at www.mutualsavings.com under the “Investor Relations” heading.

Committee Membership. The following table sets forth the membership of the committees as of the date of this proxy statement.

| Director             |     | Audit |     | Compensation |     | Nominating and       
 Corporate Governance |
| John H. Andressen    |     | *     |     | **           |     | *                    |
| Peyton B. Burkhalter |     | *     |     | *            |     | **                   |
| Jason L. Manson      |     | **    |     | *            |     | *                    |

________________

* Member

** Chair

<div align='center'>6</div>

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:

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

| ● | the establishment and operation of board committees, including audit