Business Context and Reporting Period
This Form 8-K filing by Capital Bancorp, Inc. (CBNK) reports a significant executive leadership change. The report date is February 22, 2023, covering an event that occurred on February 16, 2023.
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
- Resignation: Alan W. Jackson resigned as Executive Vice President and Chief Financial Officer (CFO) of Capital Bancorp, Inc. and Capital Bank, N.A., effective February 28, 2023.
- Reason for Departure: The resignation is for personal reasons and is not due to any dispute regarding accounting principles, practices, or financial statement disclosures.
- Interim Appointment: Connie Egan, previously the Chief Accounting Officer, was appointed as the interim Principal Financial and Accounting Officer effective February 28, 2023.
Guidance, Outlook, and Risks
The Company is currently engaging in a search for a permanent Chief Financial Officer. No new compensatory arrangements were entered into, nor were existing ones amended for Ms. Egan in connection with her appointment. The filing does not provide updated financial guidance, outlook, or discuss specific risks beyond the leadership transition.
Investor Verification Checklist
- Confirm the timeline for the search and appointment of a permanent CFO.
- Review subsequent filings for any changes in financial reporting or accounting practices following the interim appointment.
- Verify that no undisclosed disputes regarding financial statements exist, as explicitly stated in the filing.