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Sierra Bancorp (NASDAQ:BSRR) announced Monday that William “Bill” Wade II has been appointed as executive vice president and chief operations officer, effective the same day. The appointment was disclosed in a press release statement and detailed in a filing with the U.S. Securities and Exchange Commission.
Wade, 60, holds a Bachelor of Business Administration in Management from the University of Texas at Arlington. He most recently served as chief information officer and executive vice president of information technology for Independent (LON:IOG) Financial in McKinney, Texas, a role he held from 2021 until the company was acquired by South State (NYSE:SSB) Bank on January 2, 2025. Before that, Wade was chief business architect and senior vice president of information technology at Simmons Bank in Little Rock, Arkansas, from 2018 to 2021. His career spans over 30 years, primarily in the information technology sector across various industries, including banking, fitness, food services, and consulting. He joins Sierra Bancorp at a time when the bank trades at an attractive P/E ratio of 11.4x and has demonstrated strong momentum with an 8.6% return in the past week alone.
The employment agreement between Sierra Bancorp, its subsidiary Bank of the Sierra, and Wade begins Monday and runs through December 31, 2028. After the initial term, the agreement automatically renews for one-year periods unless either party gives at least six months’ notice of non-renewal. Wade’s minimum base annual salary is set at $380,000, with an annual discretionary bonus opportunity of up to 50% of his base salary.
The agreement includes severance provisions: if terminated without cause, Wade is entitled to a payment equal to his annualized base salary; if terminated in connection with a change of control, he would receive two times his annual base salary plus the maximum bonus potential. Both severance benefits are conditioned upon a full release of claims.
Wade will also be awarded restricted stock valued at $400,000, with the number of shares determined by the closing stock price on the grant date, expected at the next Compensation Committee meeting. The restricted stock vests in 20% increments on each anniversary of the grant date until fully vested. Sierra Bancorp has maintained dividend payments for 30 consecutive years, currently offering a 3.1% yield. InvestingPro subscribers can access additional insights about the company’s financial strength and growth potential, including 8 more exclusive ProTips.
The filing notes there are no arrangements or understandings related to Wade’s selection, no family relationships with other directors or executives, and no related party transactions. The information is based on a press release statement and the SEC filing.
In other recent news, Sierra Bancorp conducted its annual shareholder meeting, where several significant decisions were made. Shareholders voted on key matters, including the election of directors and the ratification of the company’s independent auditor. The meeting saw a high level of participation, with 80.95% of outstanding shares represented. All management nominees for the board of directors were elected, each receiving over 91% of the votes cast. Forvis Mazars, LLP was ratified as the independent registered public accounting firm for 2025, securing 99.15% approval. Additionally, an advisory vote on executive compensation was approved with 96.62% of votes in favor. These outcomes indicate strong shareholder support for Sierra Bancorp’s current management and strategic direction.
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