SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 23, 2011
BROOKLYN FEDERAL BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)
Registrant’s telephone number, including area code: (718) 855-8500
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
(b) Brooklyn Federal Bancorp, Inc., (the “Company”), the holding company of Brooklyn Federal Savings Bank (the “Bank”), announces the resignation of Richard A. Kielty as President and Chief Executive Officer of the Company, the Bank, and BFS Bancorp, MHC (the “MHC”), effective May 23, 2011. Mr. Kielty served as President and Chief Executive Officer of the Bank since 2009 and had been employed at the Bank since 1970.
(c) The Company announces that Gregg J. Wagner was appointed as President and Chief Executive Officer of the Company, the Bank and the MHC. The Office of Thrift Supervision approved the appointment of Mr. Wagner on May 18, 2011, pending a final background check. Mr. Wagner is a Certified Public Accountant with 29 years of community banking experience. From 2008 through 2010, Mr. Wagner was President and Chief Executive Officer of Allegiance Bank of North America, located in Bala Cynwyd, Pennsylvania. From 2007 through 2008, Mr. Wagner was Chief Financial Officer at Royal Bank of America, Narberth, Pennsylvania. From 1994 through 2006, Mr. Wagner was employed as an executive officer of Harleysville National Corporation and served as President and Chief Executive Officer from 2005 through 2006.
The initial base salary for Mr. Wagner is $25,000 per month, with a monthly housing allowance of up to $5,000 and an automobile allowance. In addition, the Bank will seek the approval of the Office of Thrift Supervision to provide Mr. Wagner with a severance agreement under which the Bank will pay up to three months of base salary in the event of an involuntary termination for any reason other than termination for cause.
Item 9.01. Financial Statements and Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.