Business Context and Reporting Period
This Form 8-K filing by Bank7 Corp. (an emerging growth company) reports a corporate governance event dated November 14, 2018. The filing details the expansion of the Board of Directors for both the Company and its wholly-owned subsidiary, Bank7.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and associated compensation.
Material Changes
The primary material change is the increase in the size of the Board of Directors for both Bank7 Corp. and Bank7 from eight to nine members. J. Michael Sanner was appointed to fill the new vacancy effective immediately.
Management Commentary and Compensation
- Appointment Details: Mr. Sanner serves as a Class I director until the 2019 annual meeting of shareholders.
- Committee Assignments: He has been appointed to the Audit Committee and named Chair of the Compensation Committee for the Company. He also serves on the Audit Committee for the Bank.
- Compensation: Mr. Sanner will receive director fees of $2,000 per month, plus an additional $1,000 per month for chairing the Compensation Committee.
- Background: Mr. Sanner is a retired Assurance Partner from Ernst & Young LLP with over 37 years of experience, primarily in the energy sector.
Investor Verification Checklist
- Confirm the total number of board seats and the specific tenure of the new Class I director.
- Verify the total annualized compensation cost for the new director ($36,000 base + $12,000 chair fee).
- Review the Company's proxy statement for the 2019 annual meeting to confirm Mr. Sanner's standing for re-election.
- Check for any potential conflicts of interest given Mr. Sanner's concurrent board service at OGE Energy Corp.