Monroe Federal Bancorp, Inc. filed a current report on Form 8-K on October 27, 2026, disclosing that Lewis R. Renollet retired as President and Chief Executive Officer effective October 26, 2026, and that Charles G. Brown III was appointed to succeed him in that role on the same date.

Key Highlights

  • CEO retirement: Lewis R. Renollet retired as President and Chief Executive Officer of Monroe Federal Bancorp, Inc. and Monroe Federal Savings and Loan Association effective at the close of business on October 26, 2026.
  • New appointment: Charles G. Brown III, age 60, was appointed President and Chief Executive Officer of both the Company and the Association on October 26, 2026.
  • Brown's base salary: The Employment Agreement provides Mr. Brown with an annual base salary of $215,000, with the Board permitted to increase but not decrease that amount.
  • Renollet transition role: Mr. Renollet will remain employed as Senior Executive Vice President through December 31, 2026, at a base salary of $120,000 per year, and will continue as a board member following retirement.
  • Change-in-control severance: If Mr. Brown's employment terminates involuntarily or for good reason within 18 months of a change in control, he is entitled to a lump sum equal to three times his highest base salary plus the highest bonus paid in the three prior completed fiscal years, among other benefits.
  • Moving and phone allowance: The Employment Agreement provides reimbursement of moving expenses of up to $25,000 and $50.00 per month for a cell phone.

Leadership Transition at Monroe Federal Bancorp: Brown Succeeds Renollet

According to the filing, Lewis R. Renollet's retirement as President and Chief Executive Officer of Monroe Federal Bancorp, Inc. and its bank subsidiary, Monroe Federal Savings and Loan Association, became effective at the close of business on October 26, 2026. The company disclosed that Mr. Renollet will continue to serve on the Boards of Directors of both the Company and the Association, and that he will remain employed as Senior Executive Vice President through December 31, 2026, to assist in the transition of his duties and responsibilities. An amendment to his employment agreement, also effective October 26, 2026, reflects these changes and sets his base salary at $120,000 per year.

The filing states that Charles G. Brown III, age 60, was appointed to succeed Mr. Renollet as President and Chief Executive Officer on October 26, 2026. According to the disclosure, Mr. Brown has over 40 years of banking experience. Before joining the Company and the Association, he was a Managing Director of Tatonka Capital Corporation. The filing notes that from November 2022 to June 2024 he served as Chief Executive Officer of Signature Bank of Georgia, and from November 2018 until April 2021 he served as President, Chief Executive Officer and Chief Lending Officer of Loyal Trust Bank in Atlanta, Georgia. Before then, the filing states, he served for more than a decade at Insignia Bank in Sarasota, Florida, where he held the roles of Chairman, President and Chief Executive Officer.

Mr. Brown's Employment Agreement, effective October 26, 2026, has an initial term through December 31, 2026, with the term continuing for two years beginning January 1, 2027, and subject to automatic annual renewal upon Board approval thereafter. The filing discloses that if the Association or Company enters into an agreement effecting a "change in control," as defined in the Employment Agreement, the term automatically extends for 24 months following the date on which the change in control occurs. In addition to base salary, Mr. Brown is eligible to participate in incentive compensation and employee benefit plans available to senior management. Upon termination other than following a change in control, the filing notes, Mr. Brown is subject to one-year non-competition and non-solicitation restrictions.

What Was Disclosed

Monroe Federal Bancorp, Inc. reported the retirement of its President and CEO Lewis R. Renollet and the appointment of Charles G. Brown III as his successor, along with the terms of an amended employment agreement for Mr. Renollet and a new employment agreement for Mr. Brown, both effective October 26, 2026.