Michael Bibak, COO of Riverview Financial Corp., the holding company for Riverview Bank, ended his tenure with the company last week.
Bibak will be pursuing other business and professional interests, the bank said in a Securities and Exchange Commission filing.
Riverview Financial is not extending its executive employment agreement with Bibak, according to the filing. A separation agreement and general release was reached between Bibak and the bank July 2.
Under the terms of the agreement, Bibak will be paid $375,000, plus the value of his unused paid time off, which will be paid in 60 monthly installments.
He will also receive the bank’s portion of monthly costs for medical, dental, and vision insurance coverage and the monthly lease payment on his company car, each through Sept. 30, 2019.
Bibak remains subject to a non-compete clause in his employment agreement, which was increased in duration to three years. The filling said the non-compete applies only to one institution for which he cannot work but did not specify which one.
Bibak has been COO of Riverview since last year after it acquired Clearfield County-based CBT. He was CEO of CBT.
“Mr. Bibak was an essential part of the timely and successful completion of the 2017 merger between Riverview Financial Corporation and CBT Financial Corp.,” the filing read.
Headquartered in Susquehanna Township, Riverview Financial reported earnings of $2.8 million in the first quarter of 2018, up from a net loss of $567,000 in the first quarter of 2017.
The bank has about $1.2 billion in assets and operates 30 branches, including seven under the Riverview Bank name, 13 as CBT Bank, three as Citizens Neighborhood Bank, three as CBT Financial & Trust Management and four as Riverview Wealth Management.
Representatives from Riverview were not immediately available for comment.
Bibak could not immediately be reached for comment.