James Mangold
About James Mangold
James E. Mangold is Vice President, Lending at East Wisconsin Savings Bank (EWSB), serving since 2020; he is 52 years old and is a named executive officer of EWSB Bancorp, Inc. . Prior to EWSB, he held senior lending leadership roles at Marine Credit Union (2019–2020) and Wells Fargo & Co. (2010–2019) . Since EWSB’s September 2024 IPO, shares have traded on the OTCQB; TSR history is not disclosed, but operationally in FY2024 the company posted a net loss of $1.7 million alongside 6.9% loan growth and a net interest margin of 1.35% as rising funding costs compressed spread . The bank operates under a regulatory MOU that, among other items, requires a Wisconsin “net worth ratio” of at least 6%; it stood at 5.67% as of December 31, 2024, even as federal capital ratios were “well-capitalized” .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Marine Credit Union | Senior Vice President & Regional Manager, East Region | 2019–2020 | Regional lending leadership and production management |
| Wells Fargo & Co. | Market Manager, Commercial Banking Services | 2010–2019 | Commercial banking market leadership and portfolio growth |
| East Wisconsin Savings Bank | Vice President, Lending (current) | 2020–Present | Oversees lending across consumer, mortgage, and commercial products |
External Roles
- No current public company directorships or external board roles disclosed for Mr. Mangold in the proxy/10-K .
Fixed Compensation
Multi-year cash compensation (as reported for Named Executive Officers):
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | 156,000 | 164,280 |
| Bonus ($) | 0 | 0 |
| All Other Compensation ($) | 7,847 | 11,962 |
| Total ($) | 163,847 | 176,242 |
All Other Compensation (2024 breakdown):
- 401(k) employer contributions: $8,214
- Director fees: $3,600
- Life insurance: $148
Base salary in current employment agreement:
- Base salary (as of April 2025): $175,282
Performance Compensation
| Incentive element | Plan metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual cash bonus (2023) | Not disclosed | — | — | — | $0 | — |
| Annual cash bonus (2024) | Not disclosed | — | — | — | $0 | — |
| Stock options | Not applicable in 2024 | — | — | — | None granted | — |
| Stock awards (RSUs/PSUs) | Not reported for 2023–2024 | — | — | — | None reported in SCT | — |
Notes:
- The company states it has not historically granted stock options and did not grant any stock options in 2024; policies avoid timing grants around material disclosures .
- No performance metric framework, targets, or payouts for Mangold are disclosed for 2023–2024; the Summary Compensation Table shows no bonus or equity awards for those years .
Equity Ownership & Alignment
Beneficial ownership and alignment factors:
| Item | Detail |
|---|---|
| Shares beneficially owned | 57,760 shares |
| Ownership as % of outstanding | 7.68% of 752,538 shares outstanding |
| Ownership breakdown | Sole voting/dispositive power over 47,760 shares; shared power with spouse over 10,000 shares (per Schedule 13D reference) . A footnote also notes 47,760 shares in an IRA and 1,698 shares in spouse’s IRA . |
| Vested vs. unvested shares | Not disclosed; no option awards in 2024 and no equity awards reported in SCT |
| Options exercisable/unexercisable | None reported; no options granted in 2024; historically no options |
| Shares pledged as collateral | Company policy prohibits pledging; Board has not approved any exceptions |
| Hedging policy | Directors, officers, and employees are prohibited from hedging transactions (e.g., options/derivatives) on Company stock |
| Ownership guidelines | Not disclosed in proxy/10-K |
Employment Terms
Key terms from Mr. Mangold’s employment agreement:
| Provision | Terms |
|---|---|
| Term | Initial term from conversion (Sept 20, 2024) to Dec 31, 2024; as of Jan 1, 2025 a two-year rolling term, with board annual performance review and renewal decision each Jan 1 |
| Base salary | $175,282 as of April 2025; eligible to participate in bonus programs and benefit plans |
| Non‑CoC severance | If terminated without cause or resigns for “good reason” (outside a CoC), lump sum equal to: remaining term’s base salary and bonuses; present value of employer contributions to defined contribution plans for remaining term; and continued medical/dental and life coverage for remaining term at no cost |
| Change‑in‑Control (Double Trigger within 18 months) | Lump sum equal to 2x the sum of (a) highest annual base salary under the agreement and (b) highest bonus paid in the two completed fiscal years prior to CoC; present value of contributions to defined contribution plans for 24 months; and continued medical/dental and life coverage for 24 months at no cost; potential 280G cutback applies |
| Disability | Supplemental payments to bridge disability plan/Social Security to base salary for the longer of one year post-termination due to disability or remaining term; continued medical/dental through earlier of return to work, new employment, term expiry, or death |
| Death | One year of base salary to beneficiaries; 12 months continued medical/dental benefits for family |
| Restrictive covenants | One‑year non‑solicitation and six‑month non‑competition post‑termination (other than CoC termination) |
Governance and Compensation Oversight
- Compensation Committee members: Lisa Cruz, Steven Haen, and Lori Hoersch (Chair) .
- Committee responsibilities include setting senior management compensation and CEO evaluation; committee charters are available on the Company’s website .
- Emerging Growth Company (EGC) status provides exemptions from certain executive compensation disclosures and say‑on‑pay requirements; no say‑on‑pay vote history disclosed .
Related Party and Risk Indicators
- Insider loans: Loans to directors and executive officers were in the ordinary course of business, on market terms, and performing as of December 31, 2024 .
- Anti‑hedging/anti‑pledging: Robust prohibitions; no exceptions approved for pledging .
- Regulatory MOU: Bank operates under a confidential MOU requiring enhancements to capital, liquidity, interest‑rate risk management, technology audit/vendor management, and board oversight; includes a 6% Wisconsin net worth ratio requirement (actual 5.67% at Dec 31, 2024) and dividend restrictions while MOU is in effect .
Performance & Track Record (Context)
| Operating metric | 2023 | 2024 |
|---|---|---|
| Net income (loss) ($) | (935,000) | (1,700,000) |
| Net interest income ($) | 4,583,000 | 3,373,000 |
| Net interest margin (%) | 1.82% | 1.35% |
| Loan portfolio (net) ($) | 174.3m | 186.4m |
| Interest income ($) | 8,933,000 | 9,738,000 |
Additional context:
- Trading began Sept 24, 2024 on the OTCQB; no TSR history provided in filings .
- Interest‑rate sensitivity modeling shows modest NII downside in +200 bps shock (–1.31%) and upside in –200 bps (+8.77%); EVE sensitivity is more pronounced (–31.46% in +200 bps) .
Investment Implications
- Alignment/retention: Mangold’s 7.68% ownership is high for a non‑CEO, creating strong economic alignment; anti‑hedging/anti‑pledging policy further discourages misalignment and reduces forced‑sale risk .
- Pay‑for‑performance: No cash bonus payouts and no equity option grants in 2023–2024; fixed pay increased modestly with a 2025 base of $175,282, suggesting a conservative pay structure during a turnaround/regulatory remediation period .
- Severance/CIC economics: Two‑times CIC multiple (vs. three‑times for CEO) and double‑trigger structure are within typical community‑bank ranges; 280G cutback limits parachute risk .
- Execution risk: The regulatory MOU and sub‑6% Wisconsin net worth ratio indicate elevated oversight and capital/liquidity/IRR management priorities; operational losses and NIM compression underscore earnings recovery risks that the Lending function (under Mangold) must help address via mix/pricing/credit discipline .
- Trading/flow signals: No equity award vesting overhang and pledging prohibition reduce near‑term selling pressure indicators; any insider sales would be visible on future Section 16 filings, but none are discussed in the proxy .