Monroe Federal Bancorp names Charles G. Brown III as new CEO and president

Monroe Federal Bancorp, Inc. (OTC:none) announced that, effective at the close of business Monday, Lewis R. Renollet retired as president and chief executive officer of the company and its subsidiary, Monroe Federal Savings and Loan Association. The company’s board appointed Charles G. Brown III to succeed Mr. Renollet as president and CEO, according to a press release statement based on an SEC filing.

Mr. Brown, age 60, brings over 40 years of banking experience to the role. Prior to joining Monroe Federal, he served as managing director of Tatonka Capital Corporation. From November 2022 to June 2024, he was CEO of Signature Bank of Georgia. Before that, he held leadership positions at Loyal Trust Bank in Atlanta and Insignia Bank in Sarasota, Florida.

The company stated that there are no family relationships between Mr. Brown and any director or executive officer of Monroe Federal Bancorp or its subsidiary, and that he is not a party to any transaction requiring disclosure under SEC regulations.

Mr. Brown’s employment agreement, effective Monday, provides for an initial term through December 31, 2026, with an annual base salary of $215,000. The board may increase his base salary at any time. He is also eligible for participation in incentive compensation and employee benefit plans, reimbursement for reasonable business expenses including up to $25,000 in moving expenses, and a $50 monthly cell phone allowance.

If Mr. Brown’s employment is involuntarily terminated for reasons other than cause, disability or death, or if he resigns for good reason, he is entitled to severance payments and continued benefits as outlined in his employment agreement. In the event of a change in control, severance provisions include a lump sum payment equal to three times his highest base salary and bonus, as well as continued insurance coverage for 36 months.

Following his retirement, Mr. Renollet will remain on the boards of Monroe Federal Bancorp and its subsidiary and will serve as senior executive vice president through December 31, 2026, with a base salary of $120,000 per year to assist in the transition.

This information is based on a press release statement included in a recent SEC filing.