**Muncy Columbia Financial Corporation (OTCMKTS:CCFN) Enters into Employment Separation Agreement with Executive Chairman Robert J. Glunk**

Muncy Columbia Financial Corporation (OTCMKTS:CCFN) and its wholly-owned subsidiary, Journey Bank, recently announced the execution of an Employment Separation Agreement and Release with Robert J. Glunk, who serves as the Executive Chairman for both entities. The agreement, effective February 11, 2025, entails the termination of Mr. Glunk’s employment agreement, with his final day of active service scheduled for February 28, 2025.

Per the terms of the Separation Agreement, Mr. Glunk will receive his salary up to his Termination Date and a lump sum payment of $650,000 within fifteen days after his departure. Additionally, he is set to benefit from the Muncy Bank & Trust Company Executive Supplemental Life Insurance Plan, capped at 3.5 times his compensation or $900,000, whichever is lower. He will also receive his 2023 Jeep Gladiator and maintain relevant employee benefit plans until age 65, alongside equivalent coverages if required.

Furthermore, an Amendment to the Supplemental Executive Retirement Plan (SERP) entitles Mr. Glunk to a full $150,000 normal retirement benefit. The agreement encompasses standard release clauses, modifications to post-employment restrictions, and extensions of non-solicitation and noncompetition terms.

The company has confirmed Mr. Glunk’s ongoing role as Chairman on its board of directors for the existing term and plans to nominate him for an additional director’s term, subject to legal and qualification standards. Noteworthy is the adjustment and extension of non-solicitation and noncompetition clauses to thirty-six months post-employment, spanning one hundred miles from any Bank branch office, coupled with a clause for a clawback of the lump sum payment in case of covenant breach.

Detailed copies of the Separation Agreement and Amendment are available as Exhibits 10.1 and 10.2, respectively, in the company’s recent 8-K filing. This move reflects Muncy Columbia Financial Corporation’s strategic reorganization and commitment to effective governance amidst notable executive transitions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Muncy Columbia Financial’s 8K filing here.

Muncy Columbia Financial Company Profile

Muncy Columbia Financial Corporation operates as the holding company for Journey Bank that provides banking and related financial services to individual, business, and government customers in Pennsylvania. It offers checking, savings, money market, interest checking, individual retirement, and repurchase sweep accounts, as well as certificates of deposit; and demand and time deposits.