NorthEast Community Bancorp Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On October 24, 2024, the Board of Directors of NorthEast Community Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, NorthEast Community Bank (the “Bank”), appointed Joel L. Morgenthau to serve as a director of the Company and the Bank. Mr. Morgenthau was appointed to fill the vacancy on the Board of Directors of the Company and the Bank resulting from the death of Kevin P. O’Malley, who had served as a director since 2016.
Mr. Morgenthau has been a Partner in the law firm of Moritt Hock & Hamroff LLP since June 2017. Moritt Hock & Hamroff LLP provides legal services to the Bank and provides construction loan closing services to borrowers of the Bank who choose to use the law firm for these services. During the year ending December 31, 2024 to date, and during the year ended December 31, 2023, (i) the Bank paid approximately $58,000 and $230,000, respectively, in legal fees to Mr. Morgenthau’s law firm and (ii) construction loan borrowers of the Bank paid approximately $344,000 and $582,000, respectively, in legal fees directly to Mr. Morgenthau’s law firm in connection with the closing of construction loans.
Mr. Morgenthau was not appointed to serve on any committee of the Board of Directors in connection with his appointment as director.
There are no arrangements or understandings with any person pursuant to which Mr. Morgenthau has been selected to serve as a director of the Company and the Bank. Except as described above, there have been no transactions directly or indirectly involving Mr. Morgenthau that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K of the Securities and Exchange Commission.
| Item 9.01 | Financial Statements and Other Exhibits. |
| (d) | Exhibits |
| Number | Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
| NORTHEAST COMMUNITY BANCORP, INC. | ||
Date: October 30, 2024 |
By: | /s/ Kenneth A. Martinek |
| Kenneth A. Martinek | ||
| Chairman and Chief Executive Officer | ||