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WHITE PLAINS, NY – NorthEast Community Bancorp, Inc. (NASDAQ:NECB), a $267.51 million market cap regional bank trading at an attractive P/E ratio of 6.47, announced the results of its annual stockholders’ meeting, which took place on May 22, 2025. The company, headquartered in White Plains, New York, disclosed the outcomes of the voting in a recent 8-K filing with the Securities and Exchange Commission. According to InvestingPro analysis, NECB currently trades below its Fair Value, suggesting potential upside opportunity.
During the meeting, three directors were elected to serve three-year terms on the company’s board. Charles M. Cirillo received 6,550,609 votes for and 995,983 votes withheld. Eugene M. Magier garnered 5,732,855 votes for and 1,813,737 votes withheld. Kenneth A. Martinek, who also serves as the Chairman and Chief Executive Officer, was elected with 7,009,242 votes for and 537,350 votes withheld. Additionally, the election saw 2,277,629 broker non-votes. The bank has maintained consistent dividend payments for 19 consecutive years, currently offering a 3.49% yield.
Furthermore, the appointment of S.R. Snodgrass, P.C. as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified with a significant majority. The firm received 9,441,616 votes for, 98,442 against, and 284,163 abstained. There were no broker non-votes for this proposal.
The 8-K filing also included standard corporate information and confirmed that there were no amendments to the company’s bylaws or changes in fiscal year noted in the document. The filing was signed by Kenneth A. Martinek, Chairman and CEO of NorthEast Community Bancorp, Inc.
The details provided in this article are based on the company’s SEC filing and reflect the official results of the votes at the annual meeting. The company is a Maryland-incorporated savings institution, not federally chartered, and trades under the ticker NECB on The Nasdaq Stock Market LLC. InvestingPro data shows the bank maintains a "GREAT" financial health score of 3.48, with additional analysis revealing 8 more key insights available to subscribers.
In other recent news, NorthEast Community Bancorp, Inc. announced a quarterly cash dividend of $0.20 per common share. This dividend is scheduled for payment on May 6, 2025, to shareholders who are on record as of April 7, 2025. Kenneth A. Martinek, Chairman and CEO, indicated that this dividend increase is part of the company’s strategy to enhance shareholder value. The announcement comes at a time when various factors, such as market interest rates and economic conditions, play a crucial role in banking operations. NorthEast Community Bancorp also noted that forward-looking statements in their announcement involve risks and uncertainties, which may lead to actual results differing from expectations. Investors are encouraged to consider factors like market interest rate fluctuations, economic condition changes, and regulatory shifts. Additionally, the company highlighted potential risks from operational and security system issues, including cyberattacks, which could impact performance. These developments reflect the company’s ongoing efforts to navigate a complex financial landscape.
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