UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): May 18, 2005
EMCLAIRE FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Pennsylvania 000-18464 25-1606091
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
612 Main Street, Emlenton, PA 16373
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (724) 867-2311
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:
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On May 18, 2005 the Board of Directors of The Farmers National Bank of Emlenton
("Bank") adopted the following programs which are designed to reward key
executives and employees throughout the Bank for achieving established corporate
goals:
o Executive Management Bonus Plan
o Profit Sharing Program
o Corporate Banking Incentive Program
These plans will be in effect from January 1, 2005 to December 31, 2005.
Executive Management Bonus Plan. Pursuant to this plan, the President, the Chief
Lending Officer, the Chief Operating Officer, the Human Resources Director and
the Controller are eligible to receive bonuses based on a percentage of their
annual salary in the event the Bank realizes certain targeted returns on average
equity.
Corporate Banking Incentive Program. Pursuant to this plan, commercial loan
officers of the Bank are rewarded for commercial loan production, commercial
loan portfolio growth and customer retention, deposit growth and profitability.
To be eligible, commercial loan officers are evaluated utilizing a number of
performance factors including account management, credit quality, and loss
experience.
Profit Sharing Plan. Pursuant to this plan, all full- and part-time employees
meeting certain criteria are eligible to participate under the plan. Payments
are based on a percentage of the employee's annual salary in the event the Bank
reaches targeted net income goals. Those eligible for the Executive Management
Bonus Plan or the Corporate Banking Incentive Program are not eligible to
participate in this plan.
These plans are administered by the Human Resources Committee.
Item 9.01. Financial Statements and Exhibits
Exhibit Number Description
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10.4 Executive Management/Bonus Plan (Summary)
10.5 Corporate Banking Incentive Program (Summary)
10.6 Profit Sharing Plan (Summary)
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 hereunto duly authorized.
EMCLAIRE FINANCIAL CORP.
Date: May 24, 2005 BY: /s/ Shelly L. Rhoades
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Name: Shelly L. Rhoades
Title: Principal Financial Officer
Treasurer