UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Its Charter)
| (State or other jurisdiction of | (Commission | (IRS Employer |
| incorporation or organization) | File Number) | Identification No.) |
(Address of principal executive offices) (Zip Code)
(
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On October 24, 2024, the Board of Directors of NorthEast Community Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, NorthEast Community Bank (the “Bank”), appointed Joel L. Morgenthau to serve as a director of the Company and the Bank. Mr. Morgenthau was appointed to fill the vacancy on the Board of Directors of the Company and the Bank resulting from the death of Kevin P. O’Malley, who had served as a director since 2016.
Mr. Morgenthau has been a Partner in the law firm of Moritt Hock & Hamroff LLP since June 2017. Moritt Hock & Hamroff LLP provides legal services to the Bank and provides construction loan closing services to borrowers of the Bank who choose to use the law firm for these services. During the year ending December 31, 2024 to date, and during the year ended December 31, 2023, (i) the Bank paid approximately $58,000 and $230,000, respectively, in legal fees to Mr. Morgenthau’s law firm and (ii) construction loan borrowers of the Bank paid approximately $344,000 and $582,000, respectively, in legal fees directly to Mr. Morgenthau’s law firm in connection with the closing of construction loans.
Mr. Morgenthau was not appointed to serve on any committee of the Board of Directors in connection with his appointment as director.
There are no arrangements or understandings with any person pursuant to which Mr. Morgenthau has been selected to serve as a director of the Company and the Bank. Except as described above, there have been no transactions directly or indirectly involving Mr. Morgenthau that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K of the Securities and Exchange Commission.
| Item 9.01 | Financial Statements and Other Exhibits. |
| (d) | Exhibits |
| Number | Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
| NORTHEAST COMMUNITY BANCORP, INC. | ||
Date: October 30, 2024 |
By: | /s/ Kenneth A. Martinek |
| Kenneth A. Martinek | ||
| Chairman and Chief Executive Officer | ||
Cover |
Oct. 24, 2024 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Oct. 24, 2024 |
| Entity File Number | 001-40589 |
| Entity Registrant Name | NORTHEAST COMMUNITY BANCORP, INC. |
| Entity Central Index Key | 0001847398 |
| Entity Tax Identification Number | 86-3173858 |
| Entity Incorporation, State or Country Code | MD |
| Entity Address, Address Line One | 325 Hamilton Avenue |
| Entity Address, City or Town | White Plains |
| Entity Address, State or Province | NY |
| Entity Address, Postal Zip Code | 10601 |
| City Area Code | 914 |
| Local Phone Number | 684-2500 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, par value $0.01 per share |
| Trading Symbol | NECB |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | true |
| Elected Not To Use the Extended Transition Period | false |
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