Synovos Adds Veteran IT Leader

Synovos, the Radnor, PA based leader in the supply chain and asset services sector, has announced that Dave Kaufman has joined the company as Chief Information Officer. In his new role, Dave will be responsible for all IT services including IT Infrastructure, Business Processes & Integration, Network Administration, Technical Training and Application Support. Dave is a highly strategic and hands-on technology leader with 30 plus years of business experience.

Dave’s experience spans pharmaceutical global supply chain, B2B professional services, consumer packaged goods, finance and retail. Prior to accepting this position, Dave served as VP Global Supply Chain and QIT for Schering-Plough, and Chief Information Officer for Aramark. Most recently, he ran a consulting firm, FIN Strategy Advisers. Dave graduated from New York University with a degree in Computer Science.

Dave brings significant experience working with Big Data (petabyte size), Predictive Analytics, and Data Warehousing. He also has deep eCommerce development experience across both Schering Plough and Aramark. This experience will help guide Synovos in meeting departmental and organizational goals and objectives.

Synovos is a thirty-year old provider of technology-driven, comprehensive supply chain and asset services. The company’s solutions drive increased productivity, profitability and global competitiveness for clients.

Old Point Names New CFO

Hampton, Va.,  June 1, 2017  —  (NASDAQ: OPOF)  Jeffrey W. Farrar today became Executive Vice President and Chief Financial Officer of Old Point National Bank and Senior Vice President and Chief Financial Officer of Old Point Financial Corporation.

Mr. Farrar began his career in public accounting with BDO Seidman and has more than 20 years of direct experience in banking. He served for 18 years as CFO for StellarOne Corporation, a $3 billion bank holding company, and as Director of Wealth Management, Mortgage and Insurance for Union Bankshares Corporation for the past 3 years. Mr. Farrar earned his B.S. in accounting from Virginia Tech, his MBA from Virginia Commonwealth University and is a Certified Public Accountant.

“Jeff’s deep financial and banking acumen will benefit the institution greatly as Old Point executes on its strategic plan. Jeff will be an integral part of the development and execution of our strategies for profit improvement and growth,” said Rob Shuford, Jr., President and Chief Executive Officer of Old Point National Bank.

In January of 2017, Old Point’s current CFO, Laurie Grabow, announced her intention to retire in the summer of 2017.  Old Point engaged Kaplan Partners, an executive search firm headquartered in Philadelphia, to lead the search for a new Chief Financial Officer. Laurie began her career with the bank in 1986, and subsequently became Chief Financial Officer of Old Point National Bank and Old Point Financial Corporation in 2000.   Old Point Financial Corporation’s Chairman, Robert F. Shuford, Sr. said, “Laurie contributed greatly to the growth of this organization and will be deeply missed.”

Old Point Financial Corporation is the parent company of The Old Point National Bank of Phoebus, a locally owned and managed community bank serving all of Hampton Roads and Old Point Trust & Financial Services, N.A., a Hampton Roads wealth management services provider.  The bank currently has assets in excess of $900 million, and 18 locations throughout the Hampton Roads region.

 

 

Culture Clash: Don’t let corporate culture issues derail your merger

Corporate culture may be a soft concept, but some days it packs a very big punch.

Consider the impact of corporate culture on mergers. In the rush to complete due diligence and seal the deal, few companies conduct a cultural survey of both legacy firms and develop plans to effectively blend the two cultures. Fewer still delay, alter or abort mergers based on findings that cultural differences could jeopardize the deal’s success.

Yet studies show roughly 75 percent of mergers fail to meet financial performance expectations. And, executives often point to incompatible cultures as a prime cause of those financial shortcomings.

Mike Monahan – who executed nine mergers and acquisitions as CFO of the private equity firm, PetroChoice Holdings and now serves as the CFO of NutriSystem, Inc. – offers some advice on how to prevent corporate culture from derailing your strategic growth plans.

Setting clear business goals for the merged company and quickly showing progress in achieving them is essential to creating an effective culture and a successful merger, Monahan says. That focus helps employees understand their role in the merged company and the reasoning behind its culture, and fosters confidence that the company is capable of achieving its goals.

Leaders of the merged company need to be dedicated communicators. During its acquisitions, PetroChoice implemented several communications practices – including weekly e-mails about company accomplishments, annual meetings and travel schedules that gave company leaders face time with employees in distant offices – in order to discuss merger benefits, address operational issues, and keep morale high.

Finally, leaders of merging companies need to be willing to adjust their expectations for the new corporate culture even after the merger is complete.

“You have to be willing to be flexible after the deal closes, and open to new ideas because it’s impossible for both companies to fully know each other and their strengths and weaknesses until you merge,” he said. “There are always surprises. We were most successful when we had the right leaders who were flexible, open-minded and respectful of the different partners. In those situations, you end up getting to the right place, even though it may not be exactly what you outlined at the outset of the merger talks.”

New CCO at Equity Bank

Wichita, KS, May 22, 2017 — (NASDAQ: EQBK)    Equity Bancshares, Inc., the Wichita-based holding company of Equity Bank, announced the promotion of  Julie Huber, Executive Vice President, who will take on a new leadership role – serving to direct Mergers and Acquisitions integration and strategic initiatives for Equity. The Company is replacing her Chief Credit Officer responsibilities with the hiring of Scott Smits, who is being named as Executive Vice President and Chief Credit Officer of Equity Bank.

In her new executive role, Ms. Huber will specialize in strategic initiatives and management for Equity Bancshares, Inc. Ms. Huber will lead Equity’s implementation during merger integrations, and will support Equity Bancshares’ merger pipeline through research, development and planning efforts. Ms. Huber will also oversee strategic projects for the Company, including efforts related to innovation, process improvement, and customer service.

Mr. Smits will be based in Equity’s corporate headquarters, and will oversee Equity’s credit administration and loan operations personnel, processes, and decisions throughout Equity’s footprint, encompassing 37 branch locations.  Smits joins Equity after 9 years in executive credit and risk management positions for Standard Bank and Trust Co. (“Standard”) in Hickory Hills, Illinois.

Brad Elliott, Chairman and CEO of Equity, said, “we’re fortunate to continue to bolster our leadership team with seasoned and sophisticated banking talent, and we’re pleased to welcome Scott. He will be an outstanding resource for our lenders, managers and customers throughout our markets. Organic growth is a focal point for us, and adding Scott to our team helps us ensure continued loan growth and high asset quality.”

Mr. Smits served as Executive Vice President and Chief Risk Officer for Standard beginning in 2014, prior to Standard’s merger into First Midwest Bank on February 3, 2017. Smits served as Executive Vice President and Chief Credit Officer from 2008 until 2014. Mr. Smits’ risk management background also includes 11 years with Crowe Horwath, overseeing business development and client relationship management as an Executive.  Mr. Smits began his banking career in Fairlawn, N.J. in 1987 at Columbia Bank and worked in numerous bank management roles prior to joining Crowe Horwath. He is an alumnus of Calvin College in Grand Rapids, Mich. and earned his M.B.A. from Webster University in St. Louis, Mo.

Equity Bancshares, Inc. is the holding company for Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, and treasury management services. As of March 31, 2017, Equity had $2.4 billion in consolidated total assets, with 37 locations throughout Kansas, Missouri, and Arkansas, including corporate headquarters in Wichita, Kansas.

 

Queenstown Bank Names New CEO

Queenstown, Maryland;  May 18, 2017     Queenstown Bank of Maryland is pleased to announce the appointment of Kevin B. Cashen as President and Chief Executive Officer. Kevin joins the bank with over 30 years of banking experience.

Kevin was the founding CEO of Bay Bank and Bay Bancorp, Inc. which opened in Lutherville, MD in 2010.  He previously also spent time at Easiloans, LLC a start-up technology company developing an online marketplace focused on mortgage lending.

Kevin began his career with Loyola Federal Savings & Loan in 1984 before moving to Signet Bank in 1985.  As a Senior Vice President at Signet, he led several initiatives within the real estate lending division in the Baltimore and Washington metropolitan areas. During that time, he founded the Real Estate Capital Markets Group to direct the bank’s commercial real estate banking efforts.  In 2001, Kevin was appointed Senior Vice President of Chevy Chase Bank and President of its consumer finance subsidiary. Later he co-managed the banks multi-billion-dollar commercial banking division.

Kevin holds a Master of Science in Real Estate from John Hopkins University, a Master of Business Administration from the University of Baltimore, and a Bachelor of Science in Business and Finance from Mount St. Mary’s University.  He has earned many accolades for his efforts including E & Y Entrepreneur of the Year, Maryland – 2014; Smart CEO Magazine – 2013 Circle of Excellence CEO Finalist; and the Baltimore Business Journal – 2011 Power 20 Top Future Leaders in Baltimore.

Kevin succeeds the retiring J. Thomas Rhodes, Jr., who is working to ensure a smooth leadership transition.  “Kevin is a true community banker and understands being involved in the community is a large part of the job.  I really feel he is the right person to lead us in the future as we continue to prosper,” said Rhodes.   “We congratulate Tommy on his exceptional career at Queenstown Bank, and for his business and community leadership on the Eastern Shore,” Patrick Thompson, Chairman of the Board said in a statement. “Tommy has been a strong advocate of our core values, including putting people first. He will leave behind a remarkable legacy.”

Queenstown Bank of Maryland was established in 1899 and currently has eight branch locations within Maryland’s Queen Anne’s, Talbot and Caroline Counties.