OXFORD BANK CORPORATION ANNOUNCES CHIEF FINANCIAL OFFICER TRANSITION

Rhea-AI Summary

Oxford Bank (OXBC) announced the immediate transition of its Chief Financial Officer. Jesse A. Deering has stepped down from his position as Executive Vice President and CFO, to be succeeded by Nathan A. Reason. The new CFO brings approximately 20 years of banking experience, including senior finance roles at Flagstar Bank and as CFO at Huron Community Bank. Reason, a licensed CPA with BS in accounting and MBA from the University of Mississippi, will serve as both Bank CFO and Company Treasurer, reporting to CEO David Lamb.

Positive

• Smooth leadership transition with immediate replacement of CFO position
• New CFO brings 20 years of banking experience and relevant expertise
• Company reports continuing strong returns according to CEO

Negative

• Sudden departure of current CFO could indicate internal challenges
• Potential disruption in financial leadership during transition period

News Market Reaction – OXBC

-1.52%

1 alert

-1.52% News Effect

On the day this news was published, OXBC declined 1.52%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

OXFORD, Mich., Oct. 23, 2024 /PRNewswire/ -- Oxford Bank Corporation ("the Company") (OTC Bulletin Board: OXBC), the holding company for Oxford Bank ("the Bank"), today announced that Executive Vice President and Chief Financial Officer, Jesse A. Deering, has decided to step down from his position effective immediately. Mr. Deering will remain with the Company for a short time to transition his duties to incoming EVP & CFO Nathan A. Reason. Like Mr. Deering, Mr. Reason will also be the treasurer of Oxford Bank Corporation.

"We're grateful for the contributions that Jesse has made in his service as CFO, and we wish him well in his future pursuits" Oxford's Chairman, President and CEO, David Lamb, said in the statement. "I appreciate Jesse's ability to think forward and his deep knowledge of bank financial risks which served us well as the Company continued to produce strong returns. Our Board and leadership are committed to maintaining the momentum of our strategic plans and our entire team is focused on our goal to be a top performing community bank in all ways."

Reason succeeds Deering who has stepped down to pursue opportunities outside the organization. Reason will report to Chief Executive Officer David Lamb and office in the Bank's Auburn Hills office.

"I am pleased to announce the appointment of Nathan A. Reason as Chief Financial Officer of both the Bank and Treasurer of the Company," said Lamb, "Nate brings roughly 20 years of banking experience to this position and a wealth of knowledge from his previous roles within various sized banks which will serve the Company well as we continue to grow and evolve."

Reason served in numerous senior finance roles for Flagstar Bank for the past eight years, most recently as Senior Vice President – Director of Funding & Liquidity. Prior to 2016, he was the Chief Financial Officer at Huron Community Bank (Michigan) for two years. Reason began his finance and accounting career at BancorpSouth in 2006, a $13 billion bank in Tupelo, Mississippi. He earned a Bachelor of Science in accounting and an MBA from the University of Mississippi and is a licensed CPA.

Oxford Bank is a subsidiary of Oxford Bank Corporation, a registered holding company. It is the oldest commercial bank in Oakland County and operates seven full-service offices in Clarkston, Davison, Dryden, Lake Orion, Oakland Township, Ortonville and Oxford. The Bank also has a Customer Experience Centers in Rochester Hills, MI and Macomb, MI with transactional services provided by Interactive Teller Machines only. In addition, Oxford Bank has business banking centers in Wixom, downtown Oxford, Ann Arbor and Flint, MI. The Bank has operated continuously under local ownership and management since it first opened for business in 1884. For more information about Oxford Bank and its complete line of financial services, please visit www.oxfordbank.com.

Except for the historical information contained herein, the matters discussed in the Release may be deemed forward-looking statements that involve risk and uncertainties. Words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "project", or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Factors which could cause actual results to differ, include, but are not limited to, fluctuations in interest rates, changes in economic conditions of the Bank's market area, changes in policies by regulatory agencies, the acceptance of new products, the impact of competitive products and pricing and the other risks detailed from time to time in the Bank's and Corporation's reports. These forward-looking statements represent the Bank's judgment as of the date of this report. The Bank disclaims, however, any intent or obligation to update these forward-looking statements.

Contact: David P. Lamb, Chairman, President & CEO
Phone: (248) 628-2533
Fax: (248) 969-7230

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SOURCE Oxford Bank Corporation

FAQ

Who is the new CFO of Oxford Bank (OXBC)?

Nathan A. Reason has been appointed as the new Chief Financial Officer of Oxford Bank and Treasurer of Oxford Bank

What is Nathan Reason's previous experience before joining OXBC?

Reason served as Senior Vice President – Director of Funding & Liquidity at Flagstar Bank for eight years, was CFO at Huron Community Bank for two years, and started his career at BancorpSouth in 2006.

When did Jesse Deering step down as CFO of OXBC?

Jesse A. Deering stepped down from his position as Executive Vice President and CFO effective immediately, as announced on October 23, 2024.