Posted 24 November, 2023

Texas Community Bancshares, Inc. appointed Jason Sobel as new CEO

Nasdaq:TCBS appointed new Chief Executive Officer Jason Sobel in a 8-K filed on 24 November, 2023.

  On November 21, 2023, the Company appointed Jason Sobel as President and Chief Executive Officer and a Director of the Company.  

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Overview of Texas Community Bancshares, Inc.
Financial Services • Banking
Texas Community Bancshares, Inc. operates as a bank holding company. It operates through the Mineola Community Bank. The company was founded in March 2021 and is headquartered in Mineola, TX.
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Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 

On November 17, 2023, James H. Herlocker, III retired as President and Chief Executive Officer and a Director of Texas Community Bancshares, Inc. (the "Company"). He also retired as Chief Executive Officer and a Director of Mineola Community Bank, S.S.B. (the "Bank"), the Company's bank subsidiary.

On November 21, 2023, the Company appointed Jason Sobel as President and Chief Executive Officer and a Director of the Company. He was also appointed to the Company's class of directors whose terms expire in 2026, filling the vacancy created by Mr. Herlocker's retirement. Mr. Sobel was also appointed Chief Executive Officer of the Bank.

Mr. Sobel (age 46) has served as President and a Director of the Bank since March 2023. Before joining the Bank, he was Regional President and Senior Loan Officer with Prosperity Bank, El Campo, Texas.

Mr. Sobel was not elected as a Director of the Company pursuant to any arrangement or understanding between the individual and any other person. There are no family relationships between Mr. Sobel and any Director or executive officer of the Company.

Since the beginning of the Company's last fiscal year, Mr. Sobel is not a participant in any transaction, or any currently proposed transaction, in which the Company was or is to be a participant and in which the amount involved exceeds $120,000, and in which any related person of the Company had or will have a direct or indirect material interest.

On November 20, 2023, the Company, the Bank and Mr. Herlocker entered into a Separation, Consulting and Release Agreement (the "Agreement") pursuant to which Mr. Herlocker will serve as a consultant to the Bank for a period of six months from November 20, 2023 (the "Consulting Period"), subject to termination earlier by the Bank or by Mr. Herlocker. Mr. Herlocker will be paid a consulting fee of $150,000 (the "Consulting Fee") on January 2, 2024, subject to the effectiveness of the release of claims made by Mr. Herlocker as set forth in the Agreement. If the Consulting Period is terminated earlier, Mr. Herlocker is required to return a pro rata portion of the Consulting Fee. If he breaches the Agreement, he is required to return the full amount of the Consulting Fee. The Agreement also requires Mr. Herlocker to adhere to certain non-competition and non-solicitation restrictions. The foregoing summary of the Agreement is not complete and is qualified in its entirety by reference to the full text of the Agreement, which is attached as Exhibit 10.1 hereto and incorporated herein by reference.