The proxy statement for First Federal Bancshares Inc. of Harrison reflected the change of leadership and ownership that visited the company during 2011.
Bear State Financial Holdings LLC of Little Rock controls an 81.5 percent stake in First Federal worth more than $122 million. These holdings include a warrant to purchase nearly 1.7 million shares of common stock.
Bear State acquired controlling interest and recapitalized the company in a transaction that included a 1-for-5 reverse stock split, retiring TARP debt and investing $40.3 cash.
The annual proxy statement, filed Monday with the Securities & Exchange Commission, shows that Sherri Billings, executive vice president and chief financial officer, received total compensation of $289,430 during 2011. That marked a nearly 49 percent increase over the $194,513 Billings was paid in 2010.
Her 2011 compensation package included $52,948 in stock options and a $25,000 bonus for her work during the bank’s recapitalization efforts. Billings holds 48,946 shares worth more than $350,000.
Dabbs Cavin, president and chief executive officer since August, received total compensation of $195,030 in 2011. That included salary of $170,030.
Christopher Wewers, who joined the company last spring as executive vice president and chief operating officer, received total compensation of $169,348 that included a salary of $144,348.
Cavin, 47, and Wewers both received a $25,000 stake in a non-equity incentive plan.
Former president and CEO Larry Brandt received total compensation of $356,711. The package included a $278,800 salary and stock options worth $70,597.
His final pay reflects a 7.5 percent decrease from his full-year 2010 salary of $301,635. Brandt owns 266,635 shares worth $1.9 million.
Russell Guerra, former executive vice president and chief lending officer, received total compensation of $246,297, which included a salary of $131,226 and stock options worth $114,721.
Cavin and Wewers replaced Brandt and Guerra after Bear State Financial Holdings LLC of Little Rock acquired majority control last year.
First Federal’s annual shareholders meeting is scheduled for Tuesday May 29 at 11 a.m. in Mountain Home at the First Federal Bank at 668 Hwy. 62E.
Shareholders will be asked to elect eight director nominees and to ratify the appointment of BKD LLP of Springfield, Mo., as the company’s independent registered public accounting firm for 2012.
A new nominee for the board of directors is Brock Gearhart, 30, vice president of the Fayetteville investment advisory firm of Greenwood Gearhart Inc.
Holdovers from the 2011 board are Richard Massey, 56, chairman, and managing member of Bear State; Cavin; Aaron Clark, 30, vice president of The Stephens Group LLC of Little Rock; Frank Conner, 62, former vice president and CFO of FedEx Freight East of Harrison; Scott Ford, 49, partner in Westrock Capital Partners LLC of Little Rock and former CEO of Alltel Corp.; former U.S. Rep. John Paul Hammerschmidt, 89; and Fitzgerald Hill, 48, president of Arkansas Baptist College in Little Rock.
Conner and Hammerschmidt both served on the company’s board of directors before Bear State entered the ownership picture.
Hammerschmidt owns 73,472 shares worth $527,000. Conner owns 15,725 shares worth nearly $113,000.
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