UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 29, 2016
MB Bancorp, Inc.
(Exact name of registrant as specified in its charter)
| Maryland | 000-55341 | 47-1696350 |
| (State or other jurisdiction of | (Commission | (IRS Employer |
| Incorporation) | File Number) | Identification No.) |
| 1920 Rock Spring Road, Forest Hill, Maryland | 21050 |
| (Address of principal executive offices) | (Zip Code) |
(410) 420-9600
(Registrant’s telephone number, including area code)
Not Applicable
(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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| Item 2.05 | Costs Associated with Exit or Disposal Activities. |
On December 29, 2016 MB Bancorp, Inc. (the “Company”) and Madison Bank of Maryland (the “Bank”) implemented an expense management reduction program pursuant to which the Bank reduced its workforce by seven employees effective December 31, 2016. This reduction in workforce follows the separation of employment of two additional employees during the quarter ended December 31, 2016. The nine employees whose positions were eliminated received severance packages, for which the Company expects to record aggregate severance expenses of approximately $91,000, pre-tax, during the quarter ended December 31, 2016.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e) Ms. Robin L. Taylor, former Chief Financial Officer of the Company and the Bank, received a severance payment of $21,646 in connection with the above-referenced expense management reduction program.
SIGNATURE
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 thereunto duly authorized.
| MB BANCORP, INC. | ||
| Date: January 4, 2017 | By: | /s/ Phil Phillips |
| Phil Phillips President and Chief Executive Officer | ||