Anthony Scavuzzo, a director at Texas Community Bancshares, Inc. (NASDAQ:TCBS), recently acquired 2,807 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The purchase, which took place on December 17, was made at a price of $15 per share, amounting to a total transaction value of $42,105. The stock, which has gained over 9% year-to-date according to InvestingPro data, is currently trading near its 52-week high of $15.29. Following this acquisition, Scavuzzo holds a total of 86,065 shares, including shares of restricted stock that vest annually over five years starting from August 31, 2023. The micro-cap bank, valued at $44 million, trades at 0.84 times book value despite showing low price volatility. InvestingPro subscribers can access additional insights, including 8 more key metrics and analysis of the company's financial health.
In other recent news, Texas Community Bancshares has signed a new employment agreement with Jason Sobel, appointing him as President and Chief Executive Officer of its wholly owned subsidiary, Broadstreet Bank, SSB. This contract, effective immediately, is for an initial two-year term with provisions for automatic renewals. Mr. Sobel will receive an annual base salary of $250,000, along with eligibility for bonuses, senior management benefit plans, and allowances for various expenses.
The terms of the contract also include provisions for severance payments under specific conditions. If Mr. Sobel's employment ends involuntarily without cause, or if he resigns for "good reason," he will receive severance equal to his accrued obligations plus salary and bonus for the remainder of his contract's term. In the event of a change in control at the bank, an enhanced severance package is triggered.
These are recent developments in the company's leadership. It's worth noting that after his employment, Mr. Sobel will be subject to a one-year non-solicitation clause.
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