SouthFirst Bancshares ($SZBI) 2019 Annual Report

We posted on SouthFirst Bancshares (SZBI) way back in December 2014 (actually twice), and it was also mentioned on Credit Bubble Stocks back in 2017. In the Newsletter, we talked about SouthFirst in the following Issues: 20, 22, 24, and 26.

At the current $1.65 per share, the stock is the lowest it has been since the summer of 2013. The annual report and proxy statement just came out as you can see below. We noticed something interesting in the footnotes to the 2019 financial statements:
On February 26, 2020, the Board of Directors of the Company elected to cancel the executive Change in Control Agreements (“Agreements”) that were in place for certain officers, as described in Note 13. The cancellation constitutes a 12‐month prior written notice of the Agreements in place. The Agreements remain in effect until February 26, 2021, in which any benefits may be provided under the Agreements in the event a change in control occurs prior to February 26, 2021. From and after February 26, 2021, the Agreements will be cancelled and no benefits will be provided under the Agreements for any change in control that occurs on or after that date.
We are planning to make the upcoming August 2020 Issue of the Oddball Stocks Newsletter (Issue 31) a "Bank Issue," so we will of course be updating readers about SouthFirst in detail.

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