On August 27, 2013, the Board of Directors of West View Savings Bank (the "Bank"), a wholly owned subsidiary of WVS Financial Corp. (the "Corporation"), approved a Supplemental Executive Retirement Plan (the "SERP") and a Split Dollar Life Insurance Agreement (the "Split Dollar Agreement") for David Bursic, the President and Chief Executive Officer of the Corporation and the Bank. Both the SERP and the Split Dollar Agreement are effective as of September 1, 2013.
The SERP provides for supplemental retirement benefits following Mr. Bursic's separation from service on or after his normal retirement age of 65. The SERP benefits are designed to replace 30% of Mr. Bursic's salary for a period of 15 years, with the amount payable in monthly installments over five years. If Mr. Bursic retires at age 65, his annual SERP benefit for the five-year payout period will be $350,821, with interest credited on the unpaid balance. If Mr. Bursic retires after age 65, then for each full month between his normal retirement age and his actual separation from service (up to a maximum of 60 months), the Bank will increase his SERP benefit by .2466%, which equates to 2.96% per year. Mr. Bursic will vest in his SERP benefits over the next 13 years, and he will be entitled to receive his vested SERP benefits if either his employment is terminated for reasons other than cause or he becomes disabled, with the vested benefit paid over five years. If Mr. Bursic's employment is terminated within 24 months following a change in control of the Corporation or the Bank on or before June 30, 2018, he will be credited with three additional years of service for purposes of determining his change in control SERP benefit.......
J. Stillwell is a holder of this institution and so is Wesbanco. You can believe that Stillwell will be heard and the institution will be merged if better profits are not attained. Fidelity Bancorp in Pittsburgh PA also had an approximate 5% of the shares held by Stillwell and was reeling from a loss - now it is part of Wesbanco. Is this the next possible take over for Wesbanco? I think so. What do you think?
Also see SFBC. Hope you have a profitable day!
J. Stillwell is a major holder of this institution. You can believe that he will be heard and the institution will be merged if there is a misstep. Fidelity Bancorp in Pittsburgh PA also had an approximate 5% of the shares held by Stillwell and now it is part of Wesbanco. Look at WVFC for the next possible take over. Hope you have a profitable day!