Franklin Financial Services Names Craig W. Best as Successor to Timothy G. Henry

Franklin Financial Services Corporation (NASDAQ: FRAF) announced in a recent SEC filing that Craig W. Best has been selected as the successor to the current President and Chief Executive Officer, Timothy G. Henry. The filing disclosed that Mr. Best will take over as President of the company effective January 14, 2025, until Mr. Henry’s retirement on April 29, 2025.

Mr. Best, aged 64, comes with a wealth of experience in the financial services industry, having held various leadership roles at different institutions. Prior to joining Franklin Financial Services Corporation, he served as the Chief Executive Officer of Peoples Financial Services Corp. and its subsidiary, Penn Security Bank and Trust Company. His extensive background also includes roles as President and Chief Executive Officer of Penseco Financial Services Corporation, as well as Chief Operating Officer of First Commonwealth Bank.

In connection with his hiring, Mr. Best has entered into an Employment Agreement with the Corporation and the Bank, outlining the terms of his compensation and benefits. The Employment Agreement has a term of three years, during which Mr. Best will receive an initial annual base salary of $414,986, to be increased to $523,198 no later than April 30, 2025. Additionally, Mr. Best will be eligible for bonuses, paid time off, participation in employee benefit plans, and reimbursement of reasonable business expenses. The Corporation will also cover certain expenses, including club memberships and up to $50,000 for relocation.

The Employment Agreement specifies that Mr. Best’s employment may be terminated for various reasons, such as ‘Cause,’ ‘Good Reason,’ retirement, or disability, each with its own set of conditions. Moreover, it outlines the provisions for termination following a ‘Change in Control,’ detailing the compensation Mr. Best would receive under such circumstances.

The summary provided in the filing gives a glimpse of the key terms in the Employment Agreement, emphasizing the importance of Mr. Best’s appointment as part of Franklin Financial Services Corporation’s leadership transition strategy. The Agreement also underscores the company’s commitment to adhere to regulatory and compliance requirements while ensuring a smooth transition of executive responsibilities.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Franklin Financial Services’s 8K filing here.

About Franklin Financial Services

Franklin Financial Services Corporation operates as the bank holding company for Farmers and Merchants Trust Company of Chambersburg that provides commercial, retail banking, and trust services to businesses, individuals, governmental entities, and non-profit organizations in Pennsylvania. It offers various deposit products, including checking, savings, money management, and time deposit accounts, as well as demand deposits.