Business
Southern Michigan Bancorp and Southern Michigan Bank & Trust Announce Leadership Transition
Southern Michigan Bancorp and Southern Michigan Bank & Trust Announce Leadership Transition.
About this update from Southern Michigan Bancorp, Inc.
[{"type":"text","content":"\n COLDWATER, Mich., Oct. 03, 2023 (GLOBE NEWSWIRE) -- After decades of leadership and service, CEO John Castle and President Kurt Miller are planning to retire from Southern Michigan Bancorp and Southern Michigan Bank & Trust. The board of directors of the two entities, known collectively as Southern, has appointed John Waldron to serve as president and CEO effective Oct. 3. Waldron, who joined Southern in May 2022 to serve as president of the bank’s Jackson market, brings nearly three decades of commercial banking and leadership experience to the position. Castle will continue to serve as chairman of the board while Miller will transition to serve as vice chairman. Until their retirement in June 2024, Castle and Miller will support Waldron in managing the day-to-day operations of Southern, a community bank with $1.4 billion in assets serving Branch, Calhoun, Hillsdale, Jackson, Kalamazoo and St. Joseph counties. Waldron joins an experienced executive team, including Eric Anglin, executive vice president and chief strategy officer, and Nick Grabowski, executive vice president and head of lending. Southern will continue to be headquartered in Coldwater, as it has been since its founding in 1872. All current members of the leadership team will remain in place, ensuring continuity. “John Castle and Kurt Miller epitomize the bank’s mission ‘to be a trusted partner working for the betterment of our communities,’“ said Jamie Clark, board member and chair of the corporate governance committee. “Combined, they have a near century of knowledge and commitment to the success of Southern, which has benefited tremendously from their leadership. “We are grateful for all John and Kurt have done to grow Southern into one of the leading community banks in Michigan and appreciate their willingness to stay involved through their board roles. “The bank is pleased to welcome John Waldron into his new leadership role as president and CEO. Since joining Southern, John has led our Jackson market to growth in both deposits and loans. “We look forward to continuing our strong and profitable growth under the new leadership of John Waldron with support from the bank’s senior leadership team.” A native of Jackson, Waldron has deep roots in banking, commercial finance and regulatory...