Business Context and Reporting Period
Company: First Northern Community Bancorp
Filing Type: Form 8-K (Current Report)
Date of Report: June 17, 2010
Reporting Period: Effective June 17, 2010
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing is limited to corporate governance updates.
Material Changes
Effective June 17, 2010, the Board of Directors amended and restated the Corporation's Bylaws with the following changes:
- Director Stock Ownership: Removed existing director stock ownership guidelines from the Bylaws; these are being replaced by a separate Board Policy.
- Mandatory Retirement Age: Increased the mandatory retirement age for directors from 70 to 72.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, outlook, risk factors, contingencies, or unusual items.
Investor Verification Checklist
- Verify the specific terms of the new Board Policy replacing the director stock ownership guidelines.
- Confirm the implementation date for the new mandatory retirement age of 72 for current and future directors.
- Review the attached Exhibit 3.1 (Amended and Restated Bylaws) for the full legal text of the changes.