Magnolia Bancorp (MGNO) CFO resigns as Hurley and Kimbro take new roles
Rhea-AI Filing Summary
Magnolia Bancorp, Inc. reported that on August 10, 2026, Donice Wagner submitted her voluntary resignation as Executive Vice President, Chief Financial Officer and Secretary of Magnolia and its wholly owned subsidiary Mutual Savings and Loan Association, effective August 21, 2026, to return to her consulting practice.
Effective upon her departure, Magnolia and Mutual Savings will retitle Michael L. Hurley as Executive Chair and Chief Executive Officer and Robert W. Kimbro as President and Chief Financial Officer. Hurley, age 78, has led Mutual Savings since 1984 and Magnolia since its formation in May 2024, and had previously relinquished his President and CEO titles as of June 1, 2026. Kimbro, age 68, is a certified public accountant with prior experience at SageWay LLC and Ernst & Young. Kimbro’s initial annual base salary is $175,000, and Hurley’s current annual base salary is $175,000. The company states there were no selection arrangements with Kimbro and notes family and employment-agreement relationships for Hurley.
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8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Effective date of CFO resignation: August 21, 2026
Appointment date of Ms. Wagner: September 18, 2025
Mr. Hurley age: 78
+5 more
8 metrics
Effective date of CFO resignation
August 21, 2026
Effective date of Donice Wagner’s voluntary resignation as EVP, CFO and Secretary
Appointment date of Ms. Wagner
September 18, 2025
Date Ms. Wagner was appointed EVP, CFO and Secretary
Mr. Hurley age
78
Age of Michael L. Hurley as described in his leadership history
Mr. Kimbro age
68
Age of Robert W. Kimbro as disclosed with his background
Kimbro annual base salary
$175,000
Initial annual base salary as President and Chief Financial Officer
Hurley annual base salary
$175,000
Current annual base salary as Executive Chair and Chief Executive Officer
Start of Hurley employment agreement
May 16, 2024
Date Hurley’s employment agreement with Magnolia and Mutual Savings was entered
Planned leadership transition effective date
June 1, 2026
Effective date when Hurley previously relinquished President and CEO titles
Key Terms
Emerging growth company, Executive Vice President, certified public accountant, employment agreement, +1 more
5 terms
Emerging growth company regulatory
"405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934... Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
Executive Vice President financial
"resignation of her positions as the Executive Vice President, Chief Financial Officer and Secretary"
An executive vice president is a high-ranking leader within a company who oversees major parts of its operations or strategies. Think of them as senior managers responsible for important areas, similar to a vice principal in a school hierarchy. Their role matters to investors because they help guide the company's success and decision-making at the top level.
certified public accountant financial
"Mr. Kimbro, a certified public accountant, age 68, was previously a co-owner of SageWay LLC"
A certified public accountant (CPA) is a licensed accounting professional who has passed rigorous exams and met education and experience requirements to prepare, review, and officially certify financial statements and tax filings. For investors, a CPA's involvement is like a neutral referee confirming that a company's reported numbers are accurate and follow accounting rules, which improves trust in financial reports and lowers the risk of unexpected errors or misleading information.
employment agreement financial
"Michael L. Hurley has an employment agreement with both Magnolia and Mutual Savings"
Inline XBRL technical
"Cover Page Interactive Data (embedded within the Inline XBRL document)"
Inline XBRL is a file format for financial filings that embeds machine-readable data tags directly inside the human-readable report, so the same document can be read by people and parsed by software. For investors it makes extracting, comparing and verifying financial numbers faster and more reliable—like a grocery list where each item also has a barcode—reducing manual errors and speeding up analysis.
FAQ
Why did Magnolia Bancorp (MGNO) announce the resignation of its CFO Donice Wagner?
Magnolia Bancorp disclosed that Donice Wagner voluntarily resigned as Executive Vice President, Chief Financial Officer and Secretary, effective August 21, 2026, to return to her prior consulting practice. She had been appointed to these positions on September 18, 2025.
Who will assume the executive roles at Magnolia Bancorp (MGNO) after the CFO’s departure?
Upon Ms. Wagner’s departure, Michael L. Hurley will hold the titles Executive Chair and Chief Executive Officer, and Robert W. Kimbro will serve as President and Chief Financial Officer for Magnolia Bancorp and Mutual Savings.
What are the new compensation levels for Magnolia Bancorp (MGNO) leaders Michael Hurley and Robert Kimbro?
Magnolia Bancorp states that Robert W. Kimbro’s initial annual base salary is $175,000, and Michael L. Hurley’s current annual base salary is also $175,000, reflecting their updated leadership roles following the CFO transition.
What is the professional background of Robert W. Kimbro at Magnolia Bancorp (MGNO)?
Robert W. Kimbro, age 68, is a certified public accountant who co-owned SageWay LLC from 2020 to 2026 and was previously a partner at Ernst & Young, managing its New Orleans office from 2005 until June 2017.
Does Magnolia Bancorp (MGNO) report any family relationships or contracts involving Michael L. Hurley?
Magnolia notes that Michael L. Hurley is the father of Robert M. Hurley, a non-employee director, and that he has an employment agreement with both Magnolia and Mutual Savings entered into on May 16, 2024.
AI-generated analysis. How Rhea-AI works. Not financial advice.
