ASHLAND, Ky., April 30, 2012 /PRNewswire/
-- Poage Bankshares, Inc. (NASDAQ Capital: PBSK) (the
"Company"), the holding company of Home Federal Savings and Loan
Association ("Home Federal"), announced today that Co-Presidents
and Co-Chief Executive Officers Darryl E.
Akers and Robert S. Curtis
are retiring from the Company and the Association effective
December 31, 2012. Commencing on
May 1, 2012, Ralph E. Coffman, Jr. will serve as President
and Chief Executive Officer of Home Federal and the Company and
Messrs. Akers and Curtis will serve as full time Executive
Consultants to the President and the Boards of Home Federal and the
Company.
The Boards of the Company and Home Federal accepted the
resignations on retirement of Messrs. Akers and Curtis and thanked
both of them for their years of service and leadership. "Darryl and
Bob have worked long and hard to make Home Federal a strong
institution during some very difficult regulatory, operating and
economic environments," said J. Thomas
Rupert, Chairman of the Board on behalf of the Board of
Directors. "When Darryl joined Home Federal in 1973, it was a
tiny mutual thrift with only $24
million in assets. When Bob joined Home Federal in
2007, although we had grown significantly, we were still a mutual
thrift with a simple balance sheet. Under Darryl's and Bob's
leadership, we have significantly expanded our financial products
in order to better serve our customers. During the last five
years alone, we introduced internet and mobile banking,
significantly expanded our commercial lending, effected a change to
a public company and more than doubled our capital. We
couldn't have accomplished this without Darryl and Bob and thank
them for their dedication and service."
The Boards of Home Federal and the Company have appointed Ralph
E. "Gene" Coffman, Jr. to serve as President and Chief Executive
Officer of the Company and the Association effective May 1, 2012. Mr. Coffman has over 25 years
of executive management experience in the financial services
industry and had leadership positions in numerous community banks,
including WesBanco Bank, Oak Hill Banks, FSG Bank and Towne Bank. Mr. Rupert indicated, "We are
extremely excited to have Gene join the Home Federal family.
He has deep experience in community banking including commercial
lending and public company operations, two areas that will be a
focus in the future. We feel extremely fortunate to have him
on our team."
Addressing the change in management, Mr. Akers, said that "Bob
and I have worked closely to build Home Federal into a strong
institution and we are glad to know that it will be in good hands
after our retirement. Gene is a smart guy and a quality person and
I am certain he will have a big impact on this institution and our
community as he assumes his new role." Mr. Akers continued,
"I have worked most of my adult life at Home Federal and will be
pleased to continue serving as a director following my retirement
at year end."
Mr. Curtis indicated, "I would like to thank Home Federal's
board, its employees, its customers and the community for the
opportunity to serve over the last 6 years. I look forward to
continuing my service as a director following my retirement at year
end."
"I look forward to building upon the many successes achieved by
my predecessors," said Mr. Coffman. "Home Federal is well
positioned to continue implementing its strategic plan and to
perform competitively in this market. I look forward to working
with the Boards and entire staff of Home Federal and its holding
company, Poage Bancshares, to generate growth and increase
shareholder value."
Mr. Coffman most recently served as Interim Chairman and Chief
Executive Officer of FSG Bank, N.A., in Chattanooga, Tennessee. From 2007
through 2009, Mr. Coffman served as President of the State of Ohio
Retail and Commercial Banking Operations for WesBanco Bank, a
$5.5 billion commercial bank
operating in our region. From 1996 through 2007, Mr. Coffman
served as President and Chief Executive Officer of Oak Hill
Financial, Inc., the holding company of Oak Hill Banks, located in
Southern Ohio. Mr. Coffman holds a
Bachelors in Business Administration and Accounting from
Franklin University and graduated from
the Ohio School of Banking, the Ohio Commercial Lending School of
Banking and the National Institute of Consumer Lending. Mr.
Coffman has also served as the Chairman of the Community Bankers
Association of Ohio and a State
Director for the Independent Community Bankers of America.
Company Information
Home Federal Savings and Loan Association, originally
chartered in 1889, is a community financial institution serving
Boyd, Greenup and Lawrence Counties in Kentucky and Lawrence and Scioto Counties in Ohio. Poage Bankshares, Inc, formed in 2011,
serves as its holding company.
Forward Looking Statements
This press release may contain certain forward-looking
statements which are based on management's current expectations
regarding economic, legislative and regulatory issues that may
impact Poage Bankshares, Inc.'s earnings in future periods. Factors
that could cause future results to vary materially from current
management expectations include, but are not limited to, general
economic conditions, changes in interest rates, deposit flows, real
estate values and competition, changes in accounting principles,
policies or guidelines, changes in legislation or regulation and
other economic, competitive, governmental, regulatory and
technological factors affecting operations, pricing, products and
services.
Contact:
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Tom
Rupert
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Chairman
of the Board
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(606)
324-7196
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SOURCE Poage Bankshares, Inc.