SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________________

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of

The Securities Exchange act 1934

 

June 13, 2018

(Date of report/date of earliest event reported)

___________________

 

CONSUMERS BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

OHIO 033-79130 34-1771400
(State or other jurisdiction (Commission File Number) (I.R.S. Employer Identification No.)
of incorporation or organization)    

                      

614 East Lincoln Way

P.O. Box 256

Minerva, Ohio 44657

(Address of principal executive offices)

 

(330) 868-7701

(Registrant’s telephone number)

 

Not Applicable

(Former name of former address, if changes since last report)

 

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 (see General Instruction A.2. below):

 

[  ] 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))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

 

 

 
 

 

Item 1.01 Entry into a Material Definitive Agreement

 

On June 13, 2018, Consumers National Bank, a wholly-owned subsidiary of Consumers Bancorp, Inc. (the “Company”), and Furey Holdings, LLC (“Furey Holdings”), entered into an amendment to the lease agreement dated December 23, 2005 (the “Agreement”). John P. Furey, a member of the Company’s Board of Directors, is the managing member of Furey Holdings. The Agreement was unanimously approved by all disinterested members of the Board of Directors. The Agreement extends the Option Term until December 23, 2023 and sets the base rent during this period at Three Thousand Dollars and 59/100 ($3,000.59) per month.

 

 

Item 9.01 Exhibits

 

d. Exhibits

    

Exhibit No. Description

10

First Amendment, dated June 13, 2018, to the Lease Agreement between Furey Holdings, LLC and Consumers National Bank, dated December 23, 2005

 

 
 

 

SIGNATURES

 

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.

 

 

 

 

Consumers Bancorp, Inc.

 

       
       

 

 

 

 

Date: June 15, 2018

 

/s/  Renee Wood                         

 

 

 

Renee Wood, Chief Financial

 

 

 

Officer & Treasurer

 

Exhibit 10

FIRST AMENDMENT TO THE

LEASE AGREEMENT BETWEEN

FUREY HOLDINGS, LLC AND

CONSUMERS NATIONAL BANK

DATED DECEMBER 23, 2005

 

THIS FIRST AMENDMENT (this “First Amendment”) is adopted this 13th day of June, 2018, by and between Furey Holdings, LLC (the “Lessor”) and Consumers National Bank, a nationally-chartered commercial bank located in Minerva, Ohio (the “Lessee”).

 

The Lessor and the Lessee executed that certain Lease Agreement by and between Lessor and Lessee on December 23, 2005 (the “Agreement”).

 

The undersigned hereby amend the Agreement, with the following changes:

 

Section 3.2 of the Agreement shall be deleted in its entirety and replaced by the following:

 

3.2

“ Renewal Term. Lessor hereby grants to Lessee the right to renew this Lease until December 23, 2023 for the base rent amount of Three Thousand Dollars and 59/100 ($3,000.59) per month (the “Option Term”). After the Option Term, this Lease shall automatically renew unless Lessee gives notice of termination as set forth in Section 3.3 of this Lease (each a “Renewal Term” and collectively, the “Renewal Terms”). The terms and conditions for the Option Term and each Renewal Term shall be the same as for the Initial Term hereof, however the monthly rental payment shall be the rental payment then in effect, as adjusted pursuant to the procedure described in Section 4.1 in this Lease.”

 

Section 4.1 of the Agreement shall be deleted in its entirety and replaced by the following:

 

4.1

“ Rent During Initial, Option and Renewal Term. After the fifth anniversary of the Lease Commencement Date, the Lessee and Lessor may renegotiate the base rent (the “Rent”) annually; provided, however, that Lessee shall be provided with at least thirty (30) days written notice of any Rent increase prior to it becoming effective. Rent during the Option Term shall be Three Thousand Dollars and 59/100 ($3,000.59) per month. Rent to be paid by Lessee to Lessor after December 23, 2023 shall be renegotiated annually. Lessee shall be provided with at least thirty (30) days written notice of any Rent increase prior to it becoming effective.”

 

 

[Remainder Intentionally Blank]

 

 
 

 

IN WITNESS OF THE ABOVE , the Lessor and the Lessee hereby consent to this First Amendment.

 

WITNESS/ATTEST: 

LESSOR: FUREY HOLDINGS, LLC

 

 

 

 

 

       

 

 

 

 

/s/ Renee Wood                                                       

By:

/s/  John P. Furey                                           

 

 

 

  John P. Furey

 

 

 

  Managing Member

 

       
       
       
WITNESS/ATTEST: LESSEE: CONSUMERS NATIONAL BANK  
       
       
       
/s/ Mariah Crater                                                       By: /s/ Ralph J. Lober                                               
      Ralph J. Lober  
      President and Chief  
      Executive Officer