Quaint Oak Bancorp Elects William R. Gonzalez as President

Quaint Oak Bancorp, Inc. (OTCMKTS: QNTO) announced in a recent 8-K filing with the Securities and Exchange Commission that the company’s Board of Directors has elected William R. Gonzalez, aged 41, as the President of the company, effective February 12, 2025. In addition to his new role as President, Gonzalez has also been appointed as a member of the Board to the class of directors whose terms expire in 2026.

Gonzalez has a longstanding history within the company, having served as the President of Quaint Oak Bank, the wholly-owned subsidiary of Quaint Oak Bancorp, since May 2024. He has held the position of Director at Quaint Oak Bank since September 2024, and prior to his current role, he served as the Chief Operating Officer of Quaint Oak Bank from January 2023.

Meanwhile, Robert T. Strong will continue in his capacity as the Chief Executive Officer of the company and Quaint Oak Bank and will maintain his position on the Board. Strong has been instrumental, having served as President and Chief Executive Officer of Quaint Oak Bancorp and Quaint Oak Bank since March 2007 and June 2001, respectively.

In addition to the appointment of Gonzalez and the continuation of Strong’s leadership, the company and the bank have entered into amended and restated employment agreements with key executives, including Robert T. Strong, William R. Gonzalez, John J. Augustine, and Aimee K. Ott. These agreements outline terms such as a three-year term, base salaries for executives, eligibility for bonuses, participation in benefit plans, expense reimbursements, and paid time off, among other provisions.

The Employment Agreements also detail clauses related to termination, compensation, and benefits. Notably, the agreements provide for specific severance arrangements in case of termination by the company and the bank without cause, or following a change in control, as defined in the agreements.

For a more comprehensive understanding of the terms and conditions of the Employment Agreements, interested parties are encouraged to refer to the original 8-K filing submitted to the Securities and Exchange Commission.

Investors and stakeholders in Quaint Oak Bancorp have shown keen interest in these developments, which are viewed as strategic moves to strengthen the company’s executive team and governance structure, ensuring continuity and growth prospects moving forward.

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

About Quaint Oak Bancorp

Quaint Oak Bancorp, Inc operates as the holding company for Quaint Oak Bank that provides banking products and services in Pennsylvania. It offers various deposit products, including money market accounts, certificates of deposit, interest and non-interest-bearing checking accounts for businesses and consumers, and savings accounts.