TMCnet News
BNCCORP, INC. Announces Leadership ChangesBNCCORP, INC. (BNCC or the company) (OTCQX Markets: BNCC) today announced that its board of directors and Timothy J. Franz, president and chief executive officer, have mutually agreed that Mr. Franz would step down as president and CEO of the company, effective immediately. BNCC's Chief Financial Officer Daniel Collins has been elected chief executive officer on an interim basis. He will focus on the company's near-term strategic priorities and facilitate BNCC's management transition while the company seeks a permanent CEO. "We thank Tim for his years of dedication to the company. He joined BNCC in 2006 and played many important roles along the way, including CFO before becoming CEO in 2013. During his tenure, Tim has modelled high ethical standards and this mutual agreement is not related to any regulatory, compliance, financial reporting or similar matter. We wish him the very best," said BNCC Chairman Michael Vekich. "We are fortunate to have Dan Collins on the senior managemen team. He is an experienced financial services executive who will provide a steady hand during the transition." Mr. Vekich continued, "Our talented and dedicated leadership group and employee base will continue to work to provide the best service, products and solutions to our customers and communities and to deliver value for all of our stakeholders. Additionally, the board is focused on improved execution, business and financial performance, good governance practices, near-term strategic priorities, maintaining the organization's safe and sound practices in a volatile economic environment and driving shareholder value." "It has been my privilege to lead BNCC and BNC National Bank for the last seven years," Mr. Franz said. "It has also been my privilege to work with such a dedicated and talented group of colleagues who are committed to leading this wonderful organization into a great future." Mr. Franz has resigned from the board of directors and from all positions held at BNC National Bank. The board of directors has reduced the size of the board from seven to six members. BNCCORP, INC., headquartered in Bismarck N.D., is a registered bank holding company dedicated to providing banking and wealth management services to businesses and consumers in its local markets. The company operates community banking and wealth management business in North Dakota, Arizona and Minnesota from 13 locations. BNC also conducts mortgage banking from 11 locations in Illinois, Kansas, Missouri, Arizona, Michigan and North Dakota. View source version on businesswire.com: https://www.businesswire.com/news/home/20200710005070/en/ |
