BCTF 8-K
Bancorp 34, Inc. (BCTF)
8-K
2020-06-30
For: 2020-06-29
View Original
Added on
April 12, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 29, 2020
BANCORP 34, INC.
(Exact Name of Registrant as Specified in Charter)
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Maryland
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001-37912
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74-2819148
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(State or Other Jurisdiction)
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(Commission File No.)
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(I.R.S. Employer
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of Incorporation)
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Identification No.)
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500 East 10th Street, Suite 100, Alamogordo, New Mexico
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88310
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant's telephone number, including area code: (575) 437-9334
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $0.01 per share
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BCTF
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The NASDAQ Stock Market LLC
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
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Item5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers
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On June 29, 2020, the Boards of Directors of Bancorp 34, Inc. (the “Company”) and Bank 34 appointed James Crotty as Co-President and Chief Executive Officer, and
as a director of those entities, effective July 20, 2020.
Mr. Crotty, age 41, is a Director at Keefe, Bruyette & Woods, Inc. (“KBW”), where he has spent the last 16 years of his career. He has advised community
banks on a variety of strategic initiatives, with a primary focus on mergers and acquisitions, debt and equity capital raising (including mutual to stock conversions and initial public offerings), branch and asset purchases and divestitures as well
as overall strategic planning initiatives.
In connection with this appointment, Jill Gutierrez, age 70, who currently serves as President and Chief Executive Officer of the Company and the Bank, has been
appointed Co-President and Chief Executive Officer of each entity.
On June 30, 2020, the Company issued a press release announcing these appointments. A copy of the press release is attached as exhibit 99.1 to this Current
Report.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
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Exhibit
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SIGNATURES
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.
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BANCORP 34, INC.
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DATE: June 30, 2020
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By:
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/s/ Jill Gutierrez
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Jill Gutierrez
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President and Chief Executive Officer
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EXHIBIT 99.1
Bancorp 34, Inc.
500 E. 10th Street
Suite 100
Alamogordo, NM 88310
Contact: Jan R. Thiry
EVP/Chief Financial Officer
623.777.0570
FOR IMMEDIATE RELEASE – June 30, 2020
JAMES CROTTY TO BE
BANCORP 34, INC. CHIEF EXECUTIVE OFFICER
Alamogordo, NM – June 30, 2020 – Bancorp 34, Inc. (“Bancorp 34”) (NASDAQ: BCTF), the holding company for Bank 34, announced that James Crotty has initially been
appointed Co-President and Chief Executive Officer of Bancorp 34 and Bank 34, effective July 20, 2020. Current President and Chief Executive Officer Jill Gutierrez will remain with Bancorp 34 and Bank 34 as Co-President and Chief Executive Officer
for a short period of time to assist with transition matters.
Mr. Crotty is a Director at Keefe, Bruyette & Woods, Inc. (“KBW”), where he has spent the last 16 years of his career. He has advised community banks on a variety of strategic initiatives, with a
primary focus on mergers and acquisitions, debt and equity capital raising (including mutual to stock conversions and initial public offerings), branch and asset purchases and divestitures as well as overall strategic planning initiatives. Mr.
Crotty is a graduate of Miami University in Ohio where he majored in Management Information Systems with a minor in Finance.
Mr. Crotty will work in Bank 34’s Arizona regional headquarters in Scottsdale.
In making the announcement, Randall Rabon, Chairman of Bancorp 34, stated “we welcome Jim Crotty to the team. Jim’s tremendous experience, both in the banking industry from an investment banking
standpoint, and in working with Bank 34 on mergers and acquisitions and other strategic initiatives, make him a terrific fit to lead our institution going forward. We are confident that Jim is the right person at the right time to continue our
growth and enhance stockholder value.”
Mr. Crotty stated, “I am honored and pleased to join Bank 34. I have been fortunate to work with this board and management team for the better part of the past 10 years and hold the utmost respect for
the culture they have created under Jill’s leadership. The Bank remains strong, secure and well positioned to embrace strategic growth opportunities as we leverage an experienced and talented management team. I look forward to working with the
Board of Directors, Jill Gutierrez and the entire staff at the bank as we strive to continue Bank 34’s tradition of best in class relationship community banking.”
About Bancorp 34
Bancorp 34 is the holding company for Bank 34. Bank 34 has four full-service community bank branches, one each in Otero and Dona Ana Counties in the cities of Alamogordo and Las Cruces in southern New
Mexico and two in Maricopa County, Arizona in the cities of Scottsdale and Peoria. At March 31, 2020, Bancorp 34 had consolidated assets of $408.4 million and stockholders’ equity of $46.1 million.
Forward-Looking Statements
Certain statements herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as
“believes,” “will,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current
beliefs and expectations of Bancorp 34’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that
could cause such differences to exist include, but are not limited to, general economic conditions, changes in interest rates, the effects of any health pandemic, regulatory considerations, competition and the other risks described in the Company’s
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this
release. Forward-looking statements speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under federal securities laws.