UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): September 16, 2015
WESTBURY BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)
Maryland | 001-35871 | 46-1834307 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) | ||
200 South Main Street, West Bend, Wisconsin | 53095 | |
(Address of Principal Executive Offices) | (Zip Code) | |
Registrant’s telephone number, including area code: (262) 334-5563
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 (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On September 16, 2015, the Board of Directors of Westbury Bancorp, Inc. (the “Company”) approved the expansion of the Board to ten members and appointed Greg J. Remus, President and Chief Executive Officer of the Company and its subsidiary, Westbury Bank (the "Bank"), to serve as a director of the Company and the Bank for a term to expire at the 2018 annual meeting of stockholders. Mr. Remus will not serve on any committees for the Company's Board due to the independence requirements of NASDAQ.
Mr. Remus has two mortgage loans with the Bank. The first is on his primary residence for $416,000 made in December 2014 and the second is for construction of a new primary residence for $450,000 made in May 2015. Both loans were originated through an employee loan program pursuant to which loans are made at a discount of 50 basis points to the Bank's regular loan rates. The principal balance was approximately $400,136 as of September 16, 2015. Mr. Remus, as of September 16, 2015 has paid approximately $15,864 in principal and approximately $6,136 in interest on the loan since September 30, 2014. The current interest rate on the loan is 2.25%. The principal balance on the second loan was approximately $447,775 as of September 16, 2015. Mr. Remus, as of September 16, 2015, has paid approximately $2,225 in principal and approximately $3,777 in interest on the loan since September 30, 2014. The current interest rate on the loan is 3.375%.
Item 9.01. | Financial Statements and Exhibits. |
(a) | Financial Statements of Businesses Acquired. Not applicable. |
(b) | Pro Forma Financial Information. Not applicable. |
(c) | Shell Company Transactions. None. |
(d) | Exhibits. None. |
SIGNATURES
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.
WESTBURY BANCORP, INC. | ||
DATE: September 18, 2015 | By: | /s/ Kirk J. Emerich |
Kirk J. Emerich | ||
Senior Vice President and Chief Financial Officer | ||