Business Context and Reporting Period
This Form 8-K is a current report filed by Southern National Bancorp of Virginia, Inc. (not Primis Financial Corp.) on September 6, 2018. The filing addresses executive leadership changes within the company and its wholly-owned subsidiary, Sonabank.
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: Joseph D. Pennington resigned as Chief Financial Officer (CFO) of the Company and Sonabank effective September 6, 2018.
- Transition: Mr. Pennington will remain in an advisory and transitional capacity through October 5, 2018.
- Appointment: William H. Lagos was appointed Interim Chief Financial Officer effective September 6, 2018, pending the naming of a permanent successor.
Outlook, Risks, and Management Commentary
Compensation: In connection with his appointment, Mr. Lagos will receive a one-time bonus payment to be determined at a future time.
Background: Mr. Lagos has extensive prior experience with the company, having previously served as Interim CFO (March-April 2018), Director of Special Projects (since June 2017), Chief Accounting Officer (since June 2017), and CFO (November 2004-June 2017).
Related Party Transactions: The filing states there are no familial relationships between Mr. Lagos and other directors or officers, and no reportable related party transactions exist.
Investor Verification Checklist
- Confirm the timeline for the appointment of a permanent CFO to replace the interim arrangement.
- Verify the specific amount of the one-time bonus payment to be awarded to Mr. Lagos.
- Review subsequent filings for any financial impact related to the transition or the departure of the previous CFO.