Blackhawk Bancorp, Inc. Elects Directors, and Announces Director Retirement

Rhea-AI Summary

Blackhawk Bancorp (OTCQX:BHWB) announced the election of three incumbent directors and one new director during its Annual Meeting of Shareholders on May 18, 2022. The elected directors include Lucas R. Derry, April R. Glosser, Paul L. Palmby, and Benjamin D. Holmstrom, who brings valuable experience from his role as President of William Charles Construction. The Company also acknowledged the retirement of Thomas Barnes, who served on the Board since 2007. The leadership changes aim to enhance the Company’s strategic position in the financial sector.

Positive

• Election of Benjamin D. Holmstrom, bringing construction expertise to the board.
• Retention of experienced directors strengthens leadership.

Negative

• None.

BELOIT, WI / ACCESSWIRE / May 19, 2022 / Blackhawk Bancorp, Inc. (OTCQX:BHWB) today announced that it has elected three incumbent directors and one new director at its Annual Meeting of Shareholders held on May 18, 2022. The four directors elected to three-year terms include Lucas R. Derry, April R. Glosser, Paul L. Palmby and new incoming director, Benjamin D. Holmstrom. Holstrom is President of William Charles Construction, a Division of Infrastructure and Energy Alternatives, a Nasdaq-traded infrastructure construction company with specialized energy and heavy civil expertise. "We are fortunate to have Ben join our Board of Directors," said Todd James, Chairman and CEO. "Ben is exceedingly well known and highly respected in our business communities. He brings strong local and national construction experience and expertise to our Board that should help propel us forward as we continue to position the Company for future success."

In addition, the Company announced that Thomas Barnes has retired from the Company's Board of Directors following the conclusion of his term as of the Annual Shareholder Meeting. "Tom has been a highly effective board member since 2007, and the Company has benefited greatly from his guidance. We thank Tom for his loyal service and wish him all the very best in his retirement," concluded James.

About Blackhawk Bancorp

Blackhawk Bancorp, Inc. is headquartered in Beloit, Wisconsin, and is the parent company of Blackhawk Bank. The combined entity operates twelve full-service banking centers located in Rock County, Wisconsin, and the Illinois counties of Winnebago, Boone, McHenry, Lake, and Kane. The Company offers a variety of value-added consultative services to its business customers and their employees related to the financial products it provides.

Forward-Looking Statements

When used in this communication, the words "believes," "expects," "likely", "would", and similar expressions are intended to identify forward-looking statements. The Company's actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions particularly in the Company's markets; potential deterioration in real estate values, success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which Blackhawk or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of "critical accounting policies"; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the Company or its customers. The inclusion of forward-looking information should not be construed as a representation by the Company or any person that future events or plans contemplated by the Company will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information or otherwise.

Further information is available on the company's website at www.blackhawkbank.com.

Blackhawk Bancorp, Inc.

Todd J. James, Chairman & CEO
tjames@blackhawkbank.com
Phone: (608) 364-8911

Matthew McDonnell, SVP & CFO
mmcdonnell@blackhawkbank.com

SOURCE: Blackhawk Bancorp, Inc.

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FAQ

What changes occurred in Blackhawk Bancorp's board of directors on May 18, 2022?

Blackhawk Bancorp elected three incumbent directors and one new director, Benjamin D. Holmstrom, at its Annual Meeting on May 18, 2022.

Who is the new director elected by Blackhawk Bancorp?

The new director elected is Benjamin D. Holmstrom, who is the President of William Charles Construction.

Why did Thomas Barnes retire from Blackhawk Bancorp's board?

Thomas Barnes retired following the conclusion of his term after serving on the board since 2007.

What impact does the board election have on Blackhawk Bancorp's future?

The election of experienced directors, including Holmstrom, is expected to enhance the company's strategic direction and growth potential.