Sector: Savings Institution, Federally Chartered
MFBI: 8-K · leadership change
Monroe Federal Bancorp announced that Lewis R. Renollet retired as President and CEO of the company and its bank subsidiary, Monroe Federal Savings and Loan Association, effective October 26, 2026. Charles G. Brown III, age 60, was appointed to succeed him, bringing over 40 years of banking experience including CEO roles at Signature Bank of Georgia and Loyal Trust Bank. Renollet will remain employed as Senior Executive Vice President through December 31, 2026 to assist the transition, at a reduced base salary of $120,000 (down from $199,500), and will continue serving on the boards after retirement. Brown signed an employment agreement with a $215,000 base salary, bonus eligibility of up to 10% (FY2027) and 20% (FY2028) of base salary, and a $25,000 relocation reimbursement. The employment agreement includes significant change-in-control protections: if terminated within 18 months of a change in control, Brown receives a lump sum of three times base salary plus his highest bonus from the prior three fiscal years, along with 36 months of defined contribution and medical benefits.
