Southside Bancshares signs split-dollar life insurance deal with CEO Keith Donahoe
Southside Bank entered a split-dollar life insurance agreement with CEO Keith Donahoe, effective February 19, 2026, under which the bank owns the policies and receives the cash surrender value and part of the net death benefits. Separately, director Michael J. Bosworth will retire at the 2026 Annual Meeting on May 14, 2026, and the board size will shrink from 14 to 13 members.
Key points
- If Donahoe dies while employed, his beneficiary receives $2,100,000, increased annually for inflation.
- If Donahoe dies after leaving the bank with vested benefits, his beneficiary receives 1.5 times his final-year base salary, capped at net death proceeds.
- After retirement, the bank will pay an annual gross-up bonus to cover federal income tax on the benefit.
- Director Michael J. Bosworth, on the board since 2017, retires effective at the May 14, 2026 Annual Meeting under the company's Director Departure Policy.
The filing
Written by AI on Nov 8, 2026, 6:59 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 20, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.