Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
On October 13, 2020, Dr. Anthony P. Monaco, President of Tufts University, and
Dr. O'Neil Britton, Chief Medical Officer and Senior Vice President at
Massachusetts General Hospital, were elected, to fill vacancies, to the Century
Bancorp Inc. (the "Company") Board of Directors and the Century Bank and Trust
Company (the "Bank") Board of Directors.
President Monaco has been the President of Tufts University since 2011.
President Monaco's experience in the educational field, which is relevant to
certain customer relationships of the Company, has qualified him to serve as
director of the Company. President Monaco will serve on the Executive Loan
Committee.
Dr. Britton has served as Chief Medical Officer and Senior Vice President at
Massachusetts General Hospital (MGH) since 2016. Dr. Britton's experience in the
healthcare field, which is relevant to certain customer relationships of the
Company, has qualified him to serve as director of the Company. Dr. Britton will
serve on the Asset Liability Committee.
Drs. Monaco and Britton were not elected pursuant to any arrangement or
understanding between either of them and any other persons, and there are no
transactions between the Company and either of Drs. Monaco and Britton or any of
their immediate family members that require disclosure pursuant to Item 404(a)
of Regulation S-K.
Drs. Monaco and Britton will receive the Company's standard non-employee
director compensation package for fiscal year 2020, which for a full year of
service would include an annual retainer of $20,000, $500 per Company Board
meeting attended, $1,000 per Bank Board meeting attended and $1,000 per
committee meeting attended.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 Century Bancorp, Inc. press release dated October 13, 2020.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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