{"url_path":"/sec/mgno/8-k/2026-06-01/item-5-02","section_key":"item-5-02","section_title":"Item 5.02 **         **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers**","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-06-01","source_url":"https://www.sec.gov/Archives/edgar/data/2033615/0000927089-26-000101-index.html","accession_number":"0000927089-26-000101","cik":"0002033615","ticker":"MGNO","issuer_name":"Magnolia Bancorp, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2033615/0000927089-26-000101-index.html","primary_entity_key":"0002033615","primary_entity_name":"Magnolia Bancorp, Inc."},"word_count":431,"has_tables":true,"body_markdown":"**Item 5.02**         **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers**\n\n \n\n \n\n(b)\n\nPursuant to a planned leadership transition, Michael L. Hurley, Chairman, President and Chief Executive Officer of Magnolia Bancorp, Inc. (the “Company”) and its wholly owned subsidiary Mutual Savings and Loan Association (the “Association”), informed the Board of Directors on May 28, 2026 that he was voluntarily relinquishing his titles as President and Chief Executive Officer of both the Company and the Association effective as of June 1, 2026. Mr. Hurley, who is currently age 78, had served as President and Chief Executive Officer of the Association since 1984 and of the Company since its formation in May 2024. Because Mr. Hurley will continue to be actively involved with both the Company and the Association, the Board of Directors appointed him as Executive Chair of both the Company and the Association. Mr. Hurley agreed to reduce his salary effective as of June 1, 2026 from $295,620 to $175,000 to reflect his reduced responsibilities and to help offset the salary of his successor. The Board of Directors thanks Mr. Hurley for his four decades of service to the Association.\n\n \n\n \n\n(c)\n\nOn May 28, 2026, both the Company and the Association appointed Robert W. Kimbro as their President and Chief Executive Officer effective as of June 1, 2026. Mr. Kimbro, a certified public accountant, age 68, was previously a co-owner of SageWay LLC from 2020 to 2026, which was based in New Orleans, Louisiana and was primarily focused on assisting businesses with transitional and growth strategies. While at SageWay, Mr. Kimbro provided services to the Association in 2021 and to both the Company and the Association from June 2025 through May 2026. Prior to SageWay, Mr. Kimbro was a partner with Ernst & Young, an international public accounting firm, and served as the managing partner for the New Orleans office from 2005 until June 2017. Mr. Kimbro retired from Ernst & Young in June 2018 after more than 38 years in public accounting. During his career in public accounting, he served a variety of industries including financial institutions from the early 1980’s through 2015. Mr. Kimbro’s initial annual base salary is $175,000.\n\n \n\n \n \n\nThere were no arrangements or understandings with Mr. Kimbro pursuant to which he was selected as an officer, and Mr. Kimbro is not related to any director or executive officer of the Company or the Association. Neither the Company nor the Association had any transactions with Mr. Kimbro since the beginning of the Company’s last fiscal year that trigger disclosure obligations."}