UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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THE SECURITIES EXCHANGE ACT OF 1934
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On September 12, 2024, the Board of Directors (the “Board”) of NB Bancorp, Inc. (the “Company”) appointed Kenneth C. Montgomery as a director of the Company, effective immediately. The Board also appointed Mr. Montgomery to the Nominating and Governance Committee and the Enterprise Risk Management Committee of the Board. Mr. Montgomery will be considered an independent director. Mr. Montgomery was also appointed to the Board of Needham Bank.
Mr. Montgomery most recently served as First Vice President and Chief Operating Officer at the Federal Reserve Bank of Boston, overseeing critical initiatives, including the $700 million FedNow Service program. From October 2021 to June 2022, Mr. Montgomery served as interim President and Chief Executive Officer of the Federal Reserve Bank of Boston. During the majority of his time in the Federal Reserve Bank system, Mr. Montgomery occupied positions that included oversight of technology groups and systems, including 18 years where Mr. Montgomery served as Executive Vice President and Federal Reserve System Chief Technology Officer based out of the Federal Reserve Bank of Richmond. Mr. Montgomery previously served as an executive committee member of the Greater Boston Chamber of Commerce, chair of the Boston Private Industry Council – Boston's workforce development board, and as an executive committee member of the Boston Municipal Research Bureau. Mr. Montgomery also serves as a national advisory board member and past vice chair of the Advanced Cyber Security Center, a nonprofit consortium made up of industry, university, and government organizations, and is a former member of the Massachusetts Cyber Security Council. We believe Mr. Montgomery’s technology experience, as well as his financial acumen, qualify him to serve on our Board.
There were no arrangements or understandings between Mr. Montgomery and any other person pursuant to which Mr. Montgomery was selected as a director. Mr. Montgomery is not a party to any transaction with the Company or Needham Bank that would require disclosure under Item 404(a) of Securities and Exchange Commission Regulation S-K.
On September 12, 2024, the Board of the Company also appointed Francis Orfanello as Lead Independent Director, effective immediately. Mr. Orfanello is an Operating Partner focused on the Food and Beverage Manufacturing and Distribution vertical for One Rock Capital Partners, LLC, a value-oriented, operationally focused private equity firm headquartered in New York, a position he has held since 2014. Prior to being engaged by One Rock Capital, Mr. Orfanello was a corporate executive for over 20 years at various beverage and food companies, as well as service businesses. Mr. Orfanello oversaw national supply chain and sales operations, as well as leading strategic initiatives in new product development, manufacturing modernization, opening new channels of distribution and scaling branded consumer products businesses. Mr. Orfanello began his career in a Boston-based accounting firm, where he ultimately became a partner. We believe Mr. Orfanello’s strategic marketing and operational experience, as well as his financial acumen, qualify him to serve on our Board. Mr. Orfanello has served on Needham Bank’s Board since 2007.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
Exhibit No.Description
99.1Press Release dated September 12, 2024
104.1 | Cover Page Interactive Data File (Embedded within Inline XBRL document) |
SIGNATURES
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, hereunto duly authorized.
NB BANCORP, INC. | ||
DATE: September 12, 2024 | By: | /s/ Joseph Campanelli |
Joseph Campanelli | ||
Chairman, President and Chief Executive Officer | ||