ECB Bancorp, Inc. /MD/ (NASDAQ:ECBK), a Maryland-based savings institution, announced the appointment of Brandon N. Lavertu as its new Chief Financial Officer, effective July 17, 2024. Lavertu, who has been with the company since its organization in March 2022, will take over the role while John A. Citrano continues as Executive Vice President and Chief Operating Officer.
Before joining ECB Bancorp, Lavertu served as Senior Vice President and Chief Accounting Officer of the Bank since December 2021. His previous experience includes senior roles at Cambridge Savings Bank and Belmont Savings Bank. Lavertu's appointment as CFO was not the result of any family relationship or transactions that would require disclosure under SEC regulations.
According to the company's SEC filing on Tuesday, there have been no material changes to Lavertu's compensatory arrangements in connection with his appointment. However, he is party to a change in control agreement dated December 21, 2022, which provides for severance payments following a change in control of the company.
The terms of this agreement stipulate that if Lavertu's employment is terminated for reasons other than cause, or if he resigns for "good reason" within 24 months after a change in control, he will receive severance equal to two times his base salary plus an average bonus from the preceding three years. Moreover, he will be eligible for continued health insurance coverage or a corresponding lump sum payment if coverage is unavailable.
The full change in control agreement will be filed with ECB Bancorp's Quarterly Report on Form 10-Q for the quarter ending June 30, 2024. This executive transition comes as ECB Bancorp continues to grow and evolve in the financial sector. The information in this article is based on a recent SEC filing by the company.
InvestingPro Insights
With the recent appointment of Brandon N. Lavertu as Chief Financial Officer, ECB Bancorp, Inc. (NASDAQ:ECBK) is poised to leverage his expertise in guiding the company's financial strategy. For investors considering ECB Bancorp's stock, the current market data presents a mixed picture. The company's market capitalization stands at $121.67M, reflecting its position in the market.
A notable InvestingPro Tip highlights that ECB Bancorp is trading at a low P/E ratio relative to near-term earnings growth, with a P/E ratio of 26.27 and a more forward-looking adjusted P/E ratio for the last twelve months as of Q1 2024 at 29.13.
Moreover, ECB Bancorp's revenue growth has been steady, with an 11.49% increase over the last twelve months as of Q1 2024, and a 6.07% growth in the most recent quarter. Despite not paying dividends to shareholders, the company has been profitable over the last twelve months. However, potential investors should be aware of the company's weak gross profit margins, as indicated by one of the InvestingPro Tips. ECB Bancorp is also trading near its 52-week high, with its price at 96.85% of this peak.
For those seeking more in-depth analysis and additional InvestingPro Tips, including the company's PEG Ratio and Price/Book value, visit https://www.investing.com/pro/ECBK. There are 5 more InvestingPro Tips available that can further inform your investment decisions. To access these tips and more detailed financial analytics, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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