Nov 3, 8:45 AM ET
Beacon Financial Corporation entered into an employment agreement with Sean A. Gray, effective September 21, 2026, tied to his previously announced appointment as President and Chief Executive Officer of the Company and Beacon Bank & Trust. The filing sets his $1,000,000 base salary, a bonus target of 75% of base salary, and severance terms that increase if a termination follows a change in control.
- Base salary of $1,000,000; annual bonus target of 75% of base salary
- Annual equity awards with grant date fair value of 105% of base salary, plus a one-time restricted stock award of $275,000 vesting in three equal tranches
- Severance on termination without cause or for good reason: two times base salary plus target bonus, rising to three times if within 24 months after a change in control
Read the filing on SEC.gov ↗
Oct 21, 4:05 PM ET
Beacon Financial reported third-quarter 2026 net income of $61.2 million, or $0.73 per share, down from $64.4 million, or $0.77 per share, in the second quarter, but up from a net loss of $(4.2) million in the third quarter of 2025. The board raised the stock buyback authorization to $125 million, subject to regulatory approval, and approved a $0.3225 quarterly dividend.
- Operating earnings after tax (non-GAAP) were $64.7 million, or $0.77 per share, versus $64.4 million, or $0.77 per share, in Q2 2026.
- Net interest income rose $3.9 million to $197.2 million, and net interest margin rose 4 basis points to 3.85 percent.
- The provision for credit losses was $8.9 million, and merger and restructuring expense was $5.1 million; nonperforming assets rose $7.9 million to $163.1 million.
- Buyback authorization increased to $125 million; the $0.3225 dividend is payable November 20, 2026, to holders of record on November 6, 2026.
Read the filing on SEC.gov ↗
Sep 21, 8:33 AM ET
Beacon Financial Corporation said its President and Chief Executive Officer, Paul A. Perrault, is retiring effective September 21, 2026, and Sean A. Gray, its Chief Operating Officer, is taking over as President and CEO and joining the boards of the Company and Beacon Bank & Trust. The filing describes a twelve-month consulting arrangement with Mr. Perrault, including a $120,000 monthly consulting fee, and the filing does not report any financial results for the period.
- Paul A. Perrault retires as President and CEO and resigns from both boards effective September 21, 2026.
- Sean A. Gray, age 50, becomes President and CEO and joins the boards; he previously served as Chief Operating Officer since 2025.
- Mr. Perrault's consulting agreement runs for twelve months at $120,000 per month and includes payment of his 2026 annual bonus based on actual performance.
Read the filing on SEC.gov ↗
Aug 20, 4:30 PM ET
Beacon Financial Corporation completed the sale of $175 million of 6.25% fixed-to-floating rate subordinated notes due September 1, 2036, on August 20, 2026. The company estimates net proceeds of about $171.8 million, which it plans to use with cash on hand, if needed, to redeem its $75 million 6.0% notes due 2029 and for general corporate purposes, so the transaction changes the company's debt mix rather than its operating results.
- $175 million of subordinated notes issued August 20, 2026, maturing September 1, 2036
- Fixed 6.25% interest until September 1, 2031, then resets quarterly to Three-Month Term SOFR plus 2.15%
- Estimated net proceeds of approximately $171.8 million
- $75 million 6.0% notes due 2029 to be redeemed in full on September 15, 2026, at 100% of principal plus accrued interest
Read the filing on SEC.gov ↗
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
