JD Bancshares, Inc. and JD Bank Announce Resignation of Bruce W. Elder as President and CEO
Rhea-AI Summary
JD Bancshares, Inc. (OTCQX:JDVB) and JD Bank announced the resignation of Bruce W. Elder as President and CEO, effective September 30, 2024. Elder, who has led the company since November 19, 2019, is stepping down for personal family reasons. He will remain in his role through September to ensure a smooth transition and will also resign from his position as a director.
The company will follow its Board-approved succession plan to determine Elder's replacement. JD Bank, headquartered in Jennings, Louisiana, has been serving south Louisiana since 1947. It operates through 22 full-service branch offices and two loan and deposit production offices, offering personal and commercial banking services, as well as trust and investment services.
Positive
- Orderly transition planned with Elder remaining until September 30, 2024
- Company has a Board-approved succession plan in place
- JD Bank operates through 22 full-service branches and 2 loan/deposit production offices
Negative
- Unexpected departure of President and CEO
- Potential disruption in leadership continuity
- Loss of Elder's experience and relationships in the south Louisiana market
News Market Reaction – JDVB
On the day this news was published, JDVB gained 1.58%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
JENNINGS, LA / ACCESSWIRE / August 20, 2024 / The Board of Directors of JD Bancshares, Inc. (OTCQX:JDVB), the parent holding company of JD Bank (collectively the "Company"), announced today that Bruce W. Elder has submitted his resignation as the President and Chief Executive Officer effective September 30, 2024. Mr. Elder has led the Company since November 19, 2019, and is resigning for personal family reasons and not as a result of any disagreements with the Board of Directors or the Company. Mr. Elder will remain in his role as President and Chief Executive Officer through the end of September to ensure an orderly transition to the next leader. In connection with his resignation as President and Chief Executive Officer, Mr. Elder will also step down from his service as a director.
Mr. Elder stated "I have enjoyed my time here at the Company and will cherish the friends and relationships I have formed here in south Louisiana. When accepting this position back in 2019, I did not consider the age of my parents living on the east coast and the need for me to be closer to them. Leading this talented management team has been a rewarding experience, and I am confident that our accomplishments will form a strong foundation for the future." Chairman Donald stated, "We truly appreciate Bruce's service to JD Bank and JD Bancshares, Inc. and wish him success in his future endeavors."
The Company will follow its Board-approved succession plan to determine Mr. Elder's replacement.
About JD Bancshares, Inc.
JD Bancshares, Inc. is the bank holding company of JD Bank, a Louisiana state-chartered bank headquartered in Jennings, Louisiana. JD Bank has been serving the citizens of south Louisiana since 1947 and offers a variety of personal and commercial lending and deposit products through both physical and digital delivery channels. The Bank also offers both trust and investment services. JD Bank operates through 22 full-service branch offices and two loan and deposit production offices located along the I-10 and I-12 corridors from Lake Charles to Mandeville, Louisiana. Additional information is available on its website at jdbank.com.
JD Bancshares, Inc. (OTCQX:JDVB) trades on the OTCQX Best Market. Companies on the OTCQX Best Market meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, and have a professional third-party sponsor introduction. Investors can find current financial disclosure and real-time level 2 quotes for the Company on otcmarkets.com.
Contact:
Dan Donald (Chairman) 337-246-5410
Paul Brummett (CFO) 337-246-5395
Website: www.jdbank.com
SOURCE: JD Bancshares, Inc.
View the original press release on accesswire.com
FAQ
Why is Bruce W. Elder resigning as President and CEO of JD Bancshares (JDVB)?
When will Bruce W. Elder's resignation from JD Bancshares (JDVB) take effect?
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What is JD Bancshares' (JDVB) plan for replacing Bruce W. Elder?
