Business Context and Reporting Period
This Form 8-K Current Report was filed by Bank First Corporation on July 22, 2019, regarding events occurring on July 16, 2019. The filing addresses corporate governance changes, specifically the resignation of a director and the election of a new director to the Board.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Director Resignation: Robert J. Wagner resigned from the Board of Directors, effective August 1, 2019. He also stepped down from the Audit, Governance and Nominating, and Executive Committees.
- Reason for Resignation: The resignation is due to the Company's Bylaws, which prohibit the nomination of directors who attain the age of 70 on or before the Annual Meeting. It is not the result of any disagreement with the Company.
- Director Election: Mary-Kay H. Bourbulas was elected to fill the vacancy created by Mr. Wagner, effective August 1, 2019.
- New Director Background: Ms. Bourbulas (age 55) is a former director of Partnership Community Bancshares, Inc. (acquired by the Company on July 12, 2019). She is the co-owner of Handen Distillery and has extensive experience in asset-based workout consulting and securities management.
Guidance, Outlook, and Risks
The filing does not contain financial guidance, outlook, or management commentary on future performance. No specific risks or contingencies related to the financial condition of the company are disclosed in this report. Ms. Bourbulas has not yet been appointed to any Board committees, though the Company may amend the report if appointments are made later.
Investor Verification Checklist
- Verify the effective date of the Board composition change (August 1, 2019).
- Confirm the absence of any undisclosed disagreements regarding Mr. Wagner's departure.
- Review the Company's Definitive Proxy Statement (filed April 15, 2019) for details on director compensation applicable to Ms. Bourbulas.
- Monitor future filings for Ms. Bourbulas's potential appointment to specific Board committees.