The $541 million-asset
company disclosed in a regulatory filing Wednesday that Richard Hurd, who is
also CEO of unit Pyramax Bank, will “reduce his day-to-day operational
involvement in the operation of the bank” on Jan. 8.
The company agreed to
decrease Hurd’s workload to about 20 hours per week and decrease his base salary
to $140,000, among other things.
Separately, the company’s board
extended the terms of the employment agreements with several other executives.
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