Finward Bancorp (Nasdaq: FNWD) (the “Bancorp” or “Finward”), the
holding company for Peoples Bank, today announced that David A.
Bochnowski, the Executive Chairman of the Bancorp’s Board of
Directors, has informed the Board of his decision to retire as
Executive Chairman and as a member of the Board, with his
retirement to be effective as of June 30, 2023. The Board has
appointed Benjamin J. Bochnowski, currently the Bancorp’s President
and Chief Executive Officer and a member of the Bancorp’s Board of
Directors, to succeed David Bochnowski as the Chairman of the
Board. The appointment of Benjamin Bochnowski as Chairman is the
result of the implementation of the Bancorp’s normal succession
planning process.
“Since 1981, it has been my honor to serve our
customers, communities, and the Peoples team, as we utilize the
resources entrusted to us to build the regional economies of
Northwest Indiana and more recently Chicagoland,” said David
Bochnowski, the Bancorp’s Executive Chairman. “From our roots as a
savings and loan to our current charter as a publicly traded bank,
we have provided hundreds of millions of lending dollars for home
buying, consumer needs, and small business development. In
addition, our wealth management services continue to provide
exceptional investment advice to a growing customer base.
Throughout the many challenges of rapidly changing customer
preferences and the ups and downs of numerous business cycles, a
Great Recession, and a pandemic, Peoples Bank has remained faithful
to our one hundred thirteen-year legacy of community banking
excellence. I shall always be grateful for this opportunity and
thank our customers and the dedicated Peoples team for their
support in all my endeavors.”
“David Bochnowski has worked tirelessly for the
shareholders, employees, customers, and communities of Peoples Bank
and Finward Bancorp over the past four decades,” said Benjamin
Bochnowski, the Bancorp’s President and Chief Executive Officer.
“He had the vision and courage to raise capital at a small savings
and loan during a tumultuous time and forge the path for the
company we have become today. His unwavering commitment to this
company has been an example to all of us at Peoples Bank, and we
would not be where we are without him. It has been a pleasure to
work side by side with him over the past decade, and his support
and guidance along the way have given us what we need to continue
the work he started when he joined Peoples Bank.”
David A. Bochnowski has been the Executive Chairman
of the Bancorp since 2016, and prior to that served as the Chief
Executive Officer of the Bancorp and Chairman of the Board for 35
years. Mr. Bochnowski has over 43 years of banking experience and
has managed the growth and operations of Peoples Bank through
numerous business cycles. Mr. Bochnowski is also an attorney with
experience in federal laws and regulations applicable to the
banking industry, and he has also been actively involved in
national and state issues impacting the community banking industry.
He is a former Chairman of America’s Community Bankers, the
American Bankers Association Government Relations Council, and the
Indiana Department of Financial Institutions, and a former member
of an advisory council to the Federal Reserve, the Securities and
Exchange Commission Advisory Committee on Small and Emerging
Companies, and the Board of the Federal Home Loan Bank of
Indianapolis. He maintains a high profile in business and not for
profit community activities throughout Northwest Indiana. His
community activities, include among others, former Chairman of One
Region and the Legacy Foundation, and a member of the boards of
Community Health Care System, Calumet College, and Valparaiso
University. Mr. Bochnowski was inducted into the Northwest Indiana
Times Business and Industry Hall of Fame, received Lifetime
Achievement Awards from the Northwest Indiana Small Business
Development Committee and the Northwest Indiana Urban League, and
was awarded the Sagamore of the Wabash, Indiana’s highest citizen
recognition.
Benjamin J. Bochnowski currently serves as
President and Chief Executive Officer of the Bancorp. Mr.
Bochnowski joined the Bancorp in 2010, became Executive Vice
President and Chief Operating Officer of the Bancorp in 2013, was
promoted to President and Chief Operating Officer in 2015, and
became the Chief Executive Officer in 2016. He is a Director and
First Vice Chairman of the Indiana Bankers Association and is a
member of the Indiana Department of Financial Institutions Board.
He also serves on the Board of Directors of One Region, a
non-profit business organization, and Allies for Community
Business, a micro-lending and coaching organization for underserved
businesses in the Chicagoland area.
Since Benjamin Bochnowski joined the Bancorp in
2010, he has established himself as a forward-thinking leader and
has been focused on guiding the Bancorp through the next phases of
its growth, expansion, and strategic success. His leadership
experience at Finward in implementing strategic plans and
significantly increasing the size and scope of the Bancorp’s
operations has played a vital role in the Bancorp’s success, with
the goal of increasing shareholder value.
“The Board of Directors is extremely grateful for
the dedication and leadership David has provided the Bancorp for
the last 40-plus years,” said Anthony M. Puntillo, the Bancorp’s
Lead Director. “During his tenure as Chairman and CEO of Finward
Bancorp and Peoples Bank, the Bancorp grew from approximately $127
million to $2.05 billion in total assets.” Director Puntillo added,
“In my 18 years as a Director, I witnessed David demonstrate the
consistent clear vision and steady inspiration that was necessary
to drive the Bank’s success. I am confident that the independent
directors’ implementation of the Bancorp’s Chair selection process
as part of its overall succession planning strategy, including
direction from an outside consultant, has led us to our best
choice. As the Bank’s CEO, Ben has demonstrated success at building
upon David’s legacy. I am certain he will continue to do the same
as our new Board Chair.”
David A. Bochnowski, Executive Chairman further
stated, “I congratulate Ben on his new role and look forward to
continuing to work with him during our transition. As CEO, he
brings the experience and leadership perspective that meets market
expectations of product and delivery channels necessary for banking
in an era of ever-evolving technology. In addition, he has built a
strong leadership group complimented by an enthusiastic Peoples
team dedicated to responding to ever changing customer preferences.
Ben’s understanding of banking policy garnered through experience
at the state and national levels, including membership on the board
of the Indiana Department of Financial Institutions, will blend
well in the boardroom as he leads the stewardship of shareholder
investment in Finward Bancorp. I join in the confidence shown by
the independent members of the board in selecting Ben as our
Chairman and know that he is ready for the challenges of this
position especially in these uncertain domestic and geopolitical
times.”
About
Finward Bancorp
Finward Bancorp is a locally managed and
independent financial holding company headquartered in Munster,
Indiana, whose activities are primarily limited to holding the
stock of Peoples Bank. Peoples Bank provides a wide range of
personal, business, electronic and wealth management financial
services from its 26 locations in Lake and Porter Counties in
Northwest Indiana and the Chicagoland area. Finward Bancorp’s
common stock is quoted on the NASDAQ Capital Market under the
symbol FNWD. The website ibankpeoples.com provides information on
Peoples Bank’s products and services, and Finward Bancorp’s
investor relations.
Forward Looking Statements
This press release may contain forward-looking
statements regarding the financial performance, business prospects,
growth, and operating strategies of the Bancorp. For these
statements, the Bancorp claims the protections of the safe harbor
for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. Statements in this communication
should be considered in conjunction with the other information
available about the Bancorp, including the information in the
filings the Bancorp makes with the SEC. Forward-looking statements
provide current expectations or forecasts of future events and are
not guarantees of future performance. The forward-looking
statements are based on management’s expectations and are subject
to a number of risks and uncertainties. Forward-looking statements
are typically identified by using words such as “anticipate,”
“estimate,” “project,” “intend,” “plan,” “believe,” “will” and
similar expressions in connection with any discussion of future
operating or financial performance.
Although management believes that the expectations
reflected in such forward-looking statements are reasonable, actual
results may differ materially from those expressed or implied in
such statements. Risks and uncertainties that could cause actual
results to differ materially include: changes in asset quality and
credit risk; the inability to sustain revenue and earnings growth;
changes in interest rates and capital markets; inflation; customer
acceptance of the Bancorp’s products and services; customer
borrowing, repayment, investment, and deposit practices; customer
disintermediation; the introduction, withdrawal, success, and
timing of business initiatives; competitive conditions; the
inability to realize cost savings or revenues or to implement
integration plans and other consequences associated with mergers,
acquisitions, and divestitures; economic conditions; and the
impact, extent, and timing of technological changes, capital
management activities, and other actions of the Federal Reserve
Board and legislative and regulatory actions and reforms.
Additional factors that could cause actual results to differ
materially from those expressed in the forward-looking statements
are discussed in the Bancorp’s reports (such as the Annual Report
on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports
on Form 8-K) filed with the SEC and available at the SEC’s Internet
website (www.sec.gov). All subsequent written and oral
forward-looking statements concerning the Bancorp or any person
acting on its behalf are expressly qualified in their entirety by
the cautionary statements above. Except as required by law, the
Bancorp does not undertake any obligation to update any
forward-looking statement to reflect circumstances or events that
occur after the date the forward-looking statement is made.
BENJAMIN BOCHNOWSKI
(219) 853-7575
Finward Bancorp (NASDAQ:FNWD)
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