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NASB > SEC Filings for NASB > Form 8-K on 3-Apr-2013All Recent SEC Filings

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Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangement of Certain Officers

The Board of Directors of North American Savings Bank, F.S.B. (the "Bank" or "NASB"), a wholly owned subsidiary of NASB Financial, Inc. (the "Company"), has appointed Mr. Paul L. Thomas to serve as the Bank's Chief Executive Officer ("CEO"), effective April 1, 2013. Mr. David H. Hancock, will remain as the Bank's Board Chairman after relinquishing his position as Chief Executive Officer. Mr. Hancock is also the Board Chairman and principal shareholder of the Company.

Mr. Thomas has served as Director, Executive Vice President, and Chief Credit Officer of North American Savings Bank, F.S.B. since January 2003. From September 2000 through January 2003, Mr. Thomas served as the Chief Executive Officer of Community Bank of Excelsior Springs ("CBES"), at which time CBES merged with and into NASB. The Board believes Mr. Thomas is the best person to effectively lead the Bank toward the goals and objectives it established by implementing strategic initiatives that are consistent with the Board's risk tolerance, effectively establishing a culture of risk management, and ensuring the Bank's successful operation in an ever-changing regulatory environment.

Because of Mr. Thomas' long and successful tenure at the Bank, this change will not cause any disruption with the Bank's employees, investors, suppliers, vendors, and customers. The Bank will not have an employment contract or compensation arrangement with Mr. Thomas.

The Board of Directors of the NASB Financial, Inc. has also approved Mr. Thomas to serve as the Chief Executive Officer of the Company, subject to the non-objection of the Company's primary regulator, the Federal Reserve Bank of Kansas City. Mr. Hancock will continue as Board Chairman and principal shareholder of the Company.

The Bank's press release dated April 2, 2013, announcing the appointment of Mr. Thomas as Chief Executive Officer, is attached hereto as exhibit 99.1, and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits

Exhibit 99.1 - Press Release dated April 2, 2013.

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