Business
Isabella Bank Corporation Announces Executive Succession Plans
CEO Evans to retire; Schwind elected CEO; McDonnell to become President MT. PLEASANT, Mich., April 28, 2023 /PRNewswire/ -- Sarah R. Opperman, Chair of
About this update from Isabella Bank Corporation
[{"type":"text","content":"CEO Evans to retire; Schwind elected CEO; McDonnell to become President \nMT. PLEASANT, Mich., April 28, 2023 /PRNewswire/ -- Sarah R. Opperman, Chair of Isabella Bank Corporation, announced today that Jae A. Evans will retire as President and Chief Executive Officer, effective January 2024.\nThe Board of Directors has elected Jerome E. Schwind, currently President of Isabella Bank, as the new President and CEO of Isabella Bank Corporation and CEO of Isabella Bank, effective January 2024. The Board also named Neil M. McDonnell, currently Chief Financial Officer, to replace Schwind as the Bank President at that time.\nEvans has been CEO since January 2014. He will continue to leverage his 47 years of banking experience as a member of both the corporate and bank Boards of Directors. During his tenure as CEO, Evans has led the corporation to record earnings and assets, an expanded geographic footprint and new, state-of-the-art online banking services. \n\"Jae has been a strong, effective leader,\" Opperman said. \"We are thankful for his steady leadership, especially during the last several years of volatility in the economy and our industry. Isabella Bank has remained strong and grown through it all.\" \nThe Bank has a robust succession planning process, investing in the development of leaders and employees throughout the organization. Opperman said the Board conducted a thorough review of the executive team and is confident in its outstanding leadership and experience.\n\"Jerome has been with Isabella Bank 24 years, and we are confident in his ability to guide our strategic direction as a preeminent, independent community bank,\" Opperman said. \"Likewise, Neil's 30 years of banking experience and impressive leadership skills are widely respected. \n\"These appointments reflect the Board's commitment to choose executives who possess the vision, experience and agility to best serve our customers and enhance shareholder value,\" Opperman said. \"The Board, Jae, Jerome and Neil all share an unwavering commitment to community banking.\"\nEvans has been with Isabella Bank 15 years, guiding the corporation beyond $2 billion in assets, up from $1.5 billion when he took the reins as CEO. Deposits climbed from $1.04 billion to $1.74 billion and loans rose from $808 million to $1.26 billion. Earnings per share went from $0.38 to $2.95.\nEv...