Kenneth Wiemers
About Kenneth Wiemers
Kenneth Wiemers is Executive Vice President and Chief Sales Officer at Central Plains Bancshares, Inc. (CPBI), having joined Home Federal Savings (the bank subsidiary) in September 2023; he has over 26 years of banking experience including prior roles as COO, Chief Credit Officer, President/CEO of a $300 million community bank, and is a former FDIC bank examiner. He is 54 years old and serves as an executive officer who is not a director . Company performance context during his tenure is summarized below.
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenues ($USD) | $2,278,000* | $2,853,000* | $2,610,000* |
| Net Income ($USD) | $1,646,000* | $3,759,000 | $3,654,000 |
Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FDIC | Bank Examiner | Not disclosed | Regulatory and credit risk expertise |
| Community Bank (unnamed) | President & CEO (~$300M bank) | Not disclosed | P&L leadership of growth-stage community bank |
| Various Banks (unnamed) | Chief Operating Officer; Chief Credit Officer | Not disclosed | Enterprise operations, credit policy and sales management |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | — |
Fixed Compensation
- Wiemers is not listed as a Named Executive Officer (NEO) in the proxy’s compensation tables; base salary, target bonus %, and actual bonus are not individually disclosed for him .
Performance Compensation
- CPBI follows an informal bonus framework keyed to minimum Return on Assets (ROA); once the minimum is achieved, 35% of any amount over that minimum is set aside in a bonus pool split 65% to senior managers and 35% to managers, with board discretion on individual percentages .
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Return on Assets (ROA) | Not disclosed | Minimum ROA threshold (bank-wide) | Not disclosed | 35% of spread above threshold to pool; pool split 65% senior managers / 35% managers; board discretion on % of wages | Annual review; discretionary per board |
- Equity awards under the 2024 Equity Incentive Plan (EIP) can be time- or performance-based; as of March 31, 2025, awards granted are time-based and vest 20% per year over five years . Awards are subject to clawback, hedging/pledging restrictions, and double-trigger CIC vesting as detailed below .
Equity Ownership & Alignment
| Category | Amount | Details |
|---|---|---|
| Total beneficial ownership | 10,000 shares (<1%) | As of July 11, 2025; CPBI shares outstanding 4,222,978; “less than 1%” classification per proxy |
| Direct vs. unvested | 1,000 direct; 9,000 unvested | Footnote shows 9,000 unvested restricted stock; prior Form 3 reported 1,000 direct common shares |
| Options | Not disclosed | No individual option holdings disclosed for Wiemers; options disclosed only for NEOs |
| Vesting | 20% annually over 5 years | EIP awards vest 20% per year; dividends on unvested RS withheld until vesting |
| Clawback | Yes | Awards subject to company clawback policies including Dodd‑Frank 954 |
| Hedging/Pledging policy | Prohibited | EIP subjects awards to trading policy restrictions and hedging/pledging prohibitions |
| Ownership guidelines | Not disclosed | No individual stock ownership guideline disclosures for Wiemers in proxy |
Additional insider activity:
- SEC Form 4 filed Jan 13, 2025 by Kenneth W. Wiemers (indicative of an equity award grant around the EIP rollout) . Aggregators also reflect a Jan 10, 2025 stock award grant at $0.00 per share (restricted stock), consistent with proxy footnote totals .
Employment Terms
- Individual employment or change-in-control agreements are disclosed for the CEO (Garness) and for Harris/Haecker, but no specific employment or CIC agreement is disclosed for Wiemers .
- 2024 EIP terms:
- Vesting: at least 1-year minimum; current grants time-based 20% per year over five years; 95%+ of awards must meet minimum vesting .
- CIC: “Double trigger” vesting; time-based awards vest upon both CIC and involuntary termination/resignation for good reason, or if the acquirer fails to assume/replace awards; performance awards deemed earned at target or actual if CIC + involuntary termination .
- Anti-repricing: Options cannot be repriced or bought out underwater without stockholder approval .
- Dividends: No dividends paid on options; RS dividends withheld until vest; RSU dividend equivalents withheld until settlement .
Investment Implications
- Alignment and retention: A 9,000-share restricted stock position with five-year, 20%/year vesting provides multi-year retention and alignment, with clawbacks and anti-hedging/pledging strengthening governance; however, ownership remains de minimis (<1%) relative to total shares outstanding, limiting absolute “skin-in-the-game” signal .
- Pay-for-performance: Cash bonuses are driven by bank-wide ROA thresholds with board discretion, which can dilute formulaic pay-for-performance visibility; equity can be performance-based under the plan but current awards are time-based, lowering payout volatility and execution risk for the executive .
- CIC economics: Wiemers lacks a disclosed personal CIC agreement; equity acceleration under the EIP uses double-trigger terms, which is common and generally shareholder-friendly versus single-trigger, reducing windfall risk while offering protection in transactions .
- Insider selling pressure: With time-based RS vesting, near-term selling pressure should be limited by vest schedules and trading restrictions; future vest tranches add incremental supply but are relatively small in absolute terms; monitoring Form 4s around vest dates is prudent .