Monroe Federal Bancorp, Inc. has announced a leadership transition effective at the close of business on October 26, 2026. Lewis R. Renollet has retired as President and Chief Executive Officer of the Company and its bank subsidiary, Monroe Federal Savings and Loan Association. He will be succeeded by Charles G. Brown III, who has been appointed to the same roles.
Mr. Brown, age 60, brings over 40 years of banking experience to the position. Prior to joining Monroe Federal, he served as a Managing Director at Tatonka Capital Corporation. His previous roles include Chief Executive Officer of Signature Bank of Georgia from November 2022 to June 2024, and President and Chief Executive Officer of Loyal Trust Bank in Atlanta from November 2018 until April 2021. He also served as Chairman, President, and Chief Executive Officer of Insignia Bank in Sarasota, Florida, for more than a decade.
In connection with the transition, Mr. Renollet will remain employed by the Company and the Association as Senior Executive Vice President through December 31, 2026, to assist with the transition of duties. Following his retirement as CEO, Mr. Renollet’s title under an amended employment agreement will be Senior Executive Vice President, and his base salary is set at $120,000 per year. He is scheduled to fully retire as of December 31, 2026.
Mr. Brown has entered into an employment agreement effective October 26, 2026. The agreement has an initial term through December 31, 2026, with automatic one-year renewals beginning January 1, 2027, subject to Board approval. The agreement includes a base salary of $215,000 per year. Mr. Brown is also eligible for incentive compensation and employee benefits, and will be reimbursed for reasonable business expenses, including up to $25,000 in moving expenses and $50.00 per month for a cell phone.
The agreement outlines severance terms for Mr. Brown. If he is terminated involuntarily for reasons other than cause, disability, or death, or if he resigns for good reason, he is entitled to severance payments including his base salary and bonus(es) for the remaining term, the present value of defined contribution plan contributions, and continued medical and dental coverage. In the event of a change in control, the severance package includes a lump sum payment equal to three times his highest base salary plus his highest bonus, along with contributions to his defined contribution plans for 36 months and continued health coverage for 36 months. Additionally, Mr. Brown is subject to a one-year non-competition and non-solicitation restriction upon termination.
