Financial Institutions, the parent company of Five Star Bank, SDN Insurance Agency, LLC, and Courier Capital, LLC, made several executive changes and introduced a new restructuring program. These initiatives aim to streamline the organization and enhance operational efficiencies.
Introducing the Chief Banking Officer
Reid Whiting, previously the SVP and director of indirect and fintech lending solutions, has been appointed as the Chief Banking Officer, a newly created role. Whiting will join the company's executive leadership team and will be responsible for overseeing all consumer banking channels, consumer lending, residential mortgage, and the company's Banking-as-a-Service business. With prior experience at Morgan Stanley, Whiting brings a wealth of industry knowledge to his new position.
Simplifying the Organizational Structure
As part of the restructuring program, Financial Institutions plans to simplify its organizational structure to better leverage its data and technology expertise. This strategic move will result in a reduction in management layers that no longer align with the company's long-term focus. By doing so, Financial Institutions aims to improve operational efficiencies and reduce approximately $6 million in annual noninterest expenses, primarily related to salaries and benefits.
Additional Executive Changes
In addition to Whiting's appointment, Financial Institutions announced other executive changes. Blake Jones, the SVP and Chief Marketing Officer, has joined the executive leadership team and will now oversee enterprise sales. W. Jack Plants II, the Chief Financial Officer and Treasurer, will take on responsibilities for operations, product, and technology areas. Gary Pacos, the Chief Risk Officer, will assume oversight of credit administration, while Laurie Collins, the Chief Human Resources Officer, will be responsible for enterprise-wide training and incentive planning.
Resignation and New Opportunity
Chief Community Banking Officer Justin Bigham has resigned from Financial Institutions. Additionally, Chief Administrative Officer Sean Willett has decided to pursue a new opportunity as the Chief Executive Officer of an out-of-market bank.
These executive changes and the restructuring program reflect Financial Institutions' commitment to adapt and thrive in an ever-evolving industry. With a focus on improving operational efficiencies and leveraging data and technology expertise, Financial Institutions aims to position itself for continued success.
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