Beacon Financial (NYSE: BBT) sets GC succession, adopts Good Leaver policy
Rhea-AI Filing Summary
Beacon Financial Corporation announced a planned leadership transition, with longtime General Counsel and Corporate Secretary Wm. Gordon Prescott retiring effective July 31, 2026, and John B. Eagan assuming the General Counsel and Corporate Secretary roles on August 1, 2026. Eagan, previously Deputy General Counsel and Assistant Secretary, will join the Executive Management Committee and oversee all legal affairs for the company and Beacon Bank.
The board also adopted an Equity Award Treatment upon Retirement (Good Leaver) Policy for Management Committee members and selected key employees, designed to support succession planning and talent development. Subject to committee approval and conditions, eligible retirees may receive continued vesting of certain equity awards if they sign a release and reaffirm non‑competition, non‑solicitation and confidentiality covenants. Retirement generally requires age plus years of continuous service of at least 65 and a minimum of 5 years of continuous service, with committee discretion. Beacon Financial is a regional bank holding company with $22.3 billion in assets and more than 145 branches in New England and New York.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Beacon Financial Corporation (the "Company") announced the retirement of Wm. Gordon Prescott as General Counsel and Corporate Secretary effective as of July 31, 2026. The Company also announced the appointment of John B. Eagan as General Counsel and Corporate Secretary effective as of August 1, 2026.
Adoption of “Good Leaver” Policy
On July 29, 2026, the Board of Directors of the Company (the “Board”) adopted an Equity Award Treatment upon Retirement Policy (the “Good Leaver Policy”). The Good Leaver Policy applies to members of the Management Committee of the Company and other key employees selected by the Compensation Committee of the Board (the “Committee”).
The Good Leaver Policy establishes general guidelines and principles with respect to the Retirement (as defined below) of eligible participants and is designed to support the Company’s succession planning and talent development strategy. Under the Good Leaver Policy, subject to satisfaction of certain requirements and Committee approval, a participant will be eligible to receive full or partial continued vesting of certain equity awards as follows:
| • | Time-based awards will continue to vest based upon the original vesting dates in the applicable award agreements. |
| • | Performance-based awards will continue to vest based upon actual performance at the end of the applicable performance period. |
| • | Awards that were granted in the year of Retirement will be prorated based on time worked by the participant during the year. |
The participant will also be required to sign a release of claims and to reaffirm or enter into to certain post-employment restrictive covenants, including non-competition, non-solicitation and confidentiality obligations, in order to retain his or her awards.
For purposes of the Good Leaver Policy, “Retirement” means a voluntary termination by a participant (i) whose age and years of continuous service equals or exceeds 65, and (ii) has completed at least 5 years of continuous service with the Company. The Committee may, in its sole discretion, determine that a participant should be deemed to have satisfied the Retirement requirement even if he or she does not satisfy the foregoing criteria.
The foregoing description of the Good Leaver Policy does not purport to be complete and is qualified in its entirety by reference to the full text of the Good Leaver Policy, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
| Exhibits | ||||
| 10.1 | Equity Award Treatment Upon Retirement (“Good Leaver”) Policy | |||
| 99.1 | Press Release of Beacon Financial Corporation, issued August 3, 2026 | |||
| 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 hereunto duly authorized.
| BEACON FINANCIAL CORPORATION | ||
| Date: August 3, 2026 | By: | /s/ John B. Eagan |
| John B. Eagan | ||
| General Counsel and Corporate Secretary | ||
EXHIBIT 99.1
Beacon Financial Corporation Appoints John B. Eagan General Counsel & Corporate Secretary
BOSTON, Aug. 03, 2026 (GLOBE NEWSWIRE) -- Beacon Financial Corporation (NYSE: BBT) (the "Company") today announced the appointment of John B. Eagan to the role of General Counsel and Corporate Secretary of Beacon Financial Corporation and Beacon Bank. He succeeds Wm. Gordon Prescott, who retired on July 31 following a distinguished legal career and more than 18 years of service to the organization.
John B. Eagan
“This leadership transition reflects a succession plan that was established more than a year ago as part of our merger agreement and long-term integration strategy,” said Paul A. Perrault, President and Chief Executive Officer. “We are fortunate to have exceptionally strong internal talent ready to step into this critical leadership position. I have confidence in John’s ability to support our clients, colleagues and advance our long-term strategy.”
“We are deeply grateful to Gordon for his leadership, dedication and many contributions to our Company,” Perrault said. “We thank him for his service and wish him all the best in retirement.”
“I am honored to serve Beacon Financial Corporation and Beacon Bank in this new capacity,” Eagan said. “I look forward to partnering with Paul, the Board of Directors and our executive leadership team to provide thoughtful legal counsel, navigate the evolving banking landscape and continue building momentum across the organization.”
As General Counsel and Corporate Secretary, Eagan will serve as a member of the Executive Management Committee and oversee all legal affairs for the Company. He brings nearly three decades of extensive legal, regulatory and corporate governance experience to the position and has played a key leadership role throughout the Company’s integration efforts. He most recently served as Deputy General Counsel and Assistant Secretary for the Company. Prior to joining the Company through the merger between Berkshire Hills Bancorp, Inc. and Brookline Bancorp, Inc., he served as General Counsel and Corporate Secretary of Washington Trust Bank in Spokane, Washington, and spent more than 15 years with People’s United Bank.
ABOUT BEACON FINANCIAL CORPORATION
Beacon Financial Corporation (NYSE: BBT) is the holding company for Beacon Bank & Trust, commonly known as Beacon Bank, a full-service regional bank serving the Northeast. Headquartered in Boston, the Company has $22.3 billion in assets and more than 145 branches throughout New England and New York. Beacon Bank offers a full suite of tailored banking solutions including commercial, cash management, asset-based lending, retail, consumer and residential products and services. The Company also provides equipment financing through its Eastern Funding subsidiary, SBA lending through its 44 Business Capital division, and private wealth services through Clarendon Private.
Media Contact:
Gary R. Levante
Chief Marketing Officer
413.447.1737
gary.levante@beaconbank.com
Investor Relations:
Carl M. Carlson
Chief Financial and Strategy Officer
617.425.5331
carl.carlson@beaconbank.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b880984d-089c-4466-9d7a-2d388c5e0204