Stock Yards Bancorp Inc. filed SEC Form 8-K: Leadership Update

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FORM 8-K

 

 

 

Date of Report (Date of earliest event reported): September 3, 2025

 

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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 September 3, 2025, Stock Yards Bancorp, Inc. (the “Company”), the holding company for Stock Yards Bank & Trust Company (the “Bank”), announced the appointment of Michael W. Woods as Senior Vice President and Principal Accounting Officer of the Company and the Bank, effective immediately. Mr. Woods will be responsible for overseeing a range of areas, including general accounting; SEC, regulatory and internal management reporting; the Bank’s treasury function; and budgeting.

 

Mr. Woods, age 58, is a Certified Public Accountant with over 25 years of experience in financial reporting, internal control, and strategic planning. Before joining the Company, Mr. Woods served as SVP and Corporate Controller at Old National Bancorp starting in 2017, and held the role of Principal Accounting Officer of Old National Bancorp from 2017 to 2022. Before joining Old National Bancorp, Mr. Woods served in various financial and accounting roles at FirstMerit Corporation, KeyCorp, and other financial institutions, including as Co-Acting Corporate Controller of FirstMerit. Mr. Woods holds a bachelor’s degree in business administration from The Ohio State University, and earned his CPA in 1993.

 

Mr. Woods was not selected pursuant to any arrangement or understanding between him and any other person. Mr. Woods has no familial relationships with any director or executive officer of the Company, and there are no transactions between Mr. Woods and the Company that would require disclosure under Item 404(a) of Regulation S-K.

 

In connection with his appointment, Mr. Woods will receive: (a) an annual base salary of $240,000; (b) eligibility for an annual cash incentive bonus of up to 30% of base salary, and stock awards of up to 20% of base salary, each subject to the Company’s performance; and (c) an initial grant of 1,000 shares of restricted stock vesting over five years. In accordance with a double trigger change in control severance agreement, Mr. Woods is eligible for a payment upon a change in control of the Company of one times his base salary plus his historic bonus.

 

In connection with Mr. Woods’ appointment, T. Clay Stinnett, who previously served as Principal Accounting Officer, will step down from that role but will remain employed as Executive Vice President and Chief Financial Officer of the Company and the Bank.

 

 

 

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 hereunto duly authorized.