Chemical Financial reorganizes executive structure
The bank’s growth over the past two years is one of the drivers.
Chemical Bank, through its Midland parent company, Chemical Financial Corp., has unveiled a leadership reorganization that reflects in part the bank’s significant expansion over the last two years.
Thomas Kohn, who was executive vice president of Community Banking, was named vice chairman and a member of the Chemical Bank board.
Len Amat and Robert Rathbun were promoted to the newly created positions of chief operating officer. Amat was previously executive vice president and chief risk management officer; he has been named executive vice president and COO of business operations. Rathbun was named executive vice president and COO of customer experience, which includes oversight of the bank’s retail banking network, wealth management services and treasury management. Rathbun previously was regional president of Chemical’s East Region.
Lynn Kerber was promoted to executive vice president and chief risk management officer, succeeding Amat. She had been executive vice president and regional president of Chemical’s South Region.
Richard DeVries was named regional president of Chemical’s South Region, succeeding Kerber. DeVries previously served as president and CEO of Monarch Community Bancorp Inc. in Coldwater. Chemical completed its acquisition of Monarch April 1.
Kenneth Johnson was named executive vice president and regional president of Chemical’s East Region, succeeding Rathbun. He previously served as executive vice president and director of bank operations.
Chemical also announced that four executives will join its senior leadership team, which is comprised of Chemical’s executive officers, regional presidents and senior department heads.
The following executives were added to the senior leadership team:
- Pavel Konecny, senior vice president and senior investment officer
- Greg Meidt, senior vice president and chief information officer
- Joseph Torrence, senior vice president and director of human resources
- Chris Vieau, senior vice president and head of business excellence
“Several key factors, including our board’s guidance on company-wide succession planning, the success of our executive development rotation program and the significant growth we have experienced over the past two years, have driven the promotions and realignment announced today,” said David Ramaker, chairman, CEO and president of Chemical Financial Corp.
“Putting Len Amat and Bob Rathbun into newly created chief operating officer positions will allow the company to focus simultaneously on backroom infrastructure and customer-facing market activities in support of our long-term growth aspirations as Michigan’s community bank of choice.”
Ramaker added that “while each of the Chemical Bank executives involved in today’s realignment brings unique perspectives to their new responsibilities, they share a number of common traits. They are all highly experienced, community-oriented, customer-driven bankers with the expertise and skill sets necessary to help Chemical identify and execute initiatives in support of our strategic growth priorities as we continue to create shareholder value.”
Chemical just released results of its 2015 first quarter, with net income of $17.8 million, or 54 cents per diluted share, compared to 2014 first quarter net income of $13.8 million and 46 cents per share. Net income in the last quarter of 2014 was $15.3 million.
Nonrecurring transaction expenses relating to the acquisition of Monarch Community Bancorp Inc. and the pending acquisition of Lake Michigan Financial Corp. were $1.4 million for the three months ended March 31.
Total loans were $5.7 billion on March 31, up $14.6 million, or 0.3 percent, from total loans of $5.69 billion at Dec. 31, and up $950 million, or 20 percent, from total loans of $4.75 billion on March 31, 2014.
Total deposits were $6.32 billion on March 31, compared to $6.08 billion Dec. 31, and $5.23 billion on March 31, 2014.
Chemical Financial Corp. is the second-largest banking company headquartered and operating branch offices in Michigan, with 183 banking offices in 47 counties. The corporation has total assets of $7.6 billion.