Business Context and Reporting Period
This Form 8-K filing by First Northern Community Bancorp was submitted on November 15, 2010. The report discloses a material change in executive management effective at the end of the fourth quarter of 2010.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on personnel changes and compensation adjustments.
Material Changes
- Executive Promotion: Jeremiah Z. Smith, currently Senior Vice President and Controller, will be promoted to Executive Vice President and Chief Financial Officer effective at the end of the fourth quarter of 2010.
- Compensation Adjustment: Upon appointment, Mr. Smith will receive an annual base salary of $130,000.
- Employment Agreement: The Company expects to enter into a formal employment agreement with Mr. Smith prior to the end of the year.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of risks and contingencies. Detailed information regarding Mr. Smith's background and related person transactions is deferred to the Company's 2011 Proxy Statement.
Key Facts for Investor Verification
- Confirm the exact effective date of the CFO transition (end of Q4 2010).
- Review the 2011 Proxy Statement for full details on Mr. Smith's background and related party transactions.
- Verify the execution of the anticipated employment agreement before the fiscal year-end.