CFO Departs as Magnolia Bancorp Consolidates Leadership Roles
MGNO sits 31% above its 52-week low of $10.5 on light trading volume (0.3× avg).
Summary
Magnolia Bancorp's CFO resigned and the company reshuffled titles, with Executive Chair Hurley becoming CEO and President Kimbro becoming CFO.
Key Events · Executive and Board Changes · MGNO
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CFO Resignation
Donice Wagner resigned as EVP, CFO, and Secretary effective August 21, 2026, to return to her consulting practice. She had held the positions since September 18, 2025.
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Title Changes
Michael L. Hurley, Executive Chair, becomes Executive Chair and CEO. Robert W. Kimbro, President and CEO, becomes President and CFO, effective upon Wagner's departure.
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Compensation Disclosure
Kimbro's initial annual base salary is $175,000, matching Hurley's current base salary.
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Governance Context
The changes follow a June 1, 2026 leadership transition and a Q2 2026 10-Q showing a widening loss and material weakness in internal controls.
Analysis · MGNO · Finance
Donice Wagner resigned voluntarily as CFO effective August 21, 2026, after less than a year in the role. Executive Chair Michael Hurley adds CEO to his title, while President Robert Kimbro takes on CFO duties. The reshuffle comes just two months after a planned leadership transition and days after a 10-Q revealed a widening loss and material weakness in internal controls. The CFO departure and title consolidation raise governance questions during a period of financial strain.
How filings like this one have moved
In the 30 days to Sep 17, 2026, 29.7% of the 1739 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.34%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, MGNO was trading at $13.72 on OTC in the Finance sector. The 52-week trading range was $10.50 to $14.12. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.