BERWICK, PA – First Keystone Corporation (OTC: Pink:FKYS), a $88.62 million market cap banking institution known for maintaining dividend payments for 29 consecutive years, announced on Monday that Elaine A. Woodland, the President and Chief Executive Officer, will retire effective January 31, 2025.
According to InvestingPro data, the company currently offers a substantial 7.86% dividend yield, making it an interesting watch for income-focused investors. The announcement, detailed in a recent 8-K filing with the Securities and Exchange Commission, indicates that Woodland will continue to serve as a director of both the Corporation and the Bank following her retirement.
Woodland has informed the Board of Directors of her decision to retire from her executive roles at the Corporation and its wholly-owned subsidiary. In preparation for her departure, the Board of Directors has been actively engaged in succession planning to ensure a smooth transition of leadership.
The news of Woodland's retirement comes as First Keystone Corporation continues to operate within the state commercial banks sector under the standard industrial classification code 6022. Recent InvestingPro analysis indicates the company's stock is currently overvalued, with challenges reflected in its weak financial health score.
Despite these challenges, the company has shown strong momentum with a 20.5% price return over the past six months. The company, incorporated in Pennsylvania, has its principal executive offices located at 111 West Front Street, Berwick, Pennsylvania.
First Keystone Corporation has not yet announced a successor for the President and CEO positions. The Board's ongoing succession planning process is expected to address this in due course. Investors and stakeholders are keeping a close eye on the developments, as leadership transitions are often significant events for financial institutions, particularly given the company's current challenges with profitability.
Get deeper insights into First Keystone's financial health metrics and more exclusive analysis with InvestingPro, which offers additional ProTips and comprehensive financial metrics.
The company's securities are registered under the Securities Exchange Act of 1934, and it is not classified as an emerging growth company. This designation has specific implications for financial reporting and compliance.
As per the filing, Woodland's retirement is set to occur at the end of January next year, providing the Board ample time to finalize its succession strategy. The information based on the press release statement offers key insights into the forthcoming changes in the executive leadership of First Keystone Corporation.
In other recent news, First Keystone Corporation announced a significant change in its executive ranks. Diane C.A. Rosler, the current Chief Financial Officer, has decided to retire, and her role will be filled by Stacy Gordner as the interim CFO beginning January 1, 2025. Gordner, who joined the bank as the Controller in 2024, has seen a rapid ascent within the company, previously serving as Accounting Reporting Analyst and Accounting Manager.
This development follows the announcement of Rosler's retirement effective December 31, 2024. Rosler has played a crucial role in the financial management of both First Keystone Corporation and its wholly-owned subsidiary, First Keystone Community Bank.
As interim CFO, Gordner will receive an annual salary of $145,000 along with other benefits as part of the senior executive compensation package.
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