Business Context and Reporting Period
This Form 8-K filing by Texas Community Bancshares, Inc. (TCBS) and its subsidiary, Broadstreet Bank, SSB, reports on executive leadership changes. The report date is November 10, 2025, with the earliest event reported on the same date. The filing details the retirement of the Chief Financial Officer (CFO) and the appointment of a successor.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel transitions and associated compensation agreements.
Material Changes
- Departure of CFO: Julie Sharff notified the Company of her intent to retire as CFO effective December 1, 2025.
- Appointment of Successor: Jason McCrary, CPA, currently Vice President – Finance/Accounting, will succeed Ms. Sharff as CFO effective December 1, 2025.
- Transition Period: Ms. Sharff will remain a full-time employee as Senior Vice President until February 20, 2026, followed by a consulting role through May 8, 2026.
Guidance, Outlook, and Compensation Details
The filing outlines specific financial terms for the executive transition rather than providing forward-looking business guidance.
Julie Sharff (Outgoing CFO)
- Salary: Current base salary through December 31, 2025. A total of $20,000 for services from January 1, 2026, to February 20, 2026, payable in two installments.
- Consulting Fees: Two installments of $25,000 each for consulting services from February 21, 2026, to May 8, 2026. The second payment is subject to reduction by the audit committee in the event of a material restatement of financial statements.
- Severance/Lump Sum: A $100,000 lump sum payment for remaining employed until February 20, 2026, and executing a release of claims.
- Benefits: Eligible for employee benefits through February 20, 2026. COBRA health care costs reimbursed for up to 12 months. Unvested equity awards will be forfeited.
Jason McCrary (Incoming CFO)
- Base Salary: $150,000 annually, effective December 1, 2025.
- Contract Term: Initial one-year term with automatic renewal unless notice is given 30 days prior to expiration.
- Severance Provisions:
- Standard Termination: Accrued obligations plus base salary and bonus for the remaining term if terminated without cause or resigns for "good reason."
- Change in Control: Accrued obligations plus two times base salary and average bonus if terminated without cause or resigns for "good reason" within two years of a change in control.
- Benefits: Eligible for senior management bonus programs and benefit plans. COBRA reimbursement for up to 18 months upon qualifying termination.
Investor Verification Checklist
- Verify the exact effective dates for the CFO transition (December 1, 2025) and the end of the transition period (February 20, 2026).
- Confirm the total potential cash outlay for Ms. Sharff's transition ($145,000 in salary/fees plus $100,000 lump sum, excluding benefits).
- Review the "clawback" provision regarding Ms. Sharff's second consulting payment tied to potential financial restatements.
- Assess the impact of the new CFO's severance package, specifically the "double salary" provision in the event of a change in control.
- Check for any subsequent filings regarding the vesting status of Ms. Sharff's equity awards.