Elmer Bancorp, Inc. Announces Retirement of Cindee F. Low, Chairman of the Board of Directors

Rhea-AI Summary

Elmer Bancorp, Inc. (OTC: ELMA) announced the retirement of Cindee F. Low as Chairman of the Board effective September 1, 2021. Under her leadership, the company's assets grew from $220 million to $371 million. P. Scott Boyer, previously Vice Chairman, has been appointed as the new Chairman, while Robert A. Woodruff, Jr. will serve as Vice Chairman. The First National Bank of Elmer, established in 1903, offers community banking services across Cumberland, Gloucester, and Salem Counties in New Jersey.

Positive

• Company assets increased from $220 million to $371 million during Cindee F. Low's tenure.
• P. Scott Boyer’s leadership may introduce fresh perspectives for future growth.

Negative

• Cindee F. Low's retirement may cause concerns regarding continuity in leadership.

ELMER, N.J.--(BUSINESS WIRE)-- Elmer Bancorp, Inc. (“Elmer Bancorp” or the “Company”) (OTC pink: ELMA), the parent company of The First National Bank of Elmer (the “Bank”) announces the retirement of Cindee F. Low, Chairman of the Boards of Directors of the Company and the Bank, effective September 1, 2021. Ms. Low is looking forward to traveling and spending more time with her family. During her time as Chairman, the Company’s assets grew from $220 million to $371 million. At a recent Board meeting, current Vice Chairman, P. Scott Boyer was chosen to assume the position of Chairman of the Company and the Bank and long-time Board member, Robert A. Woodruff, Jr. was named Vice Chairman of both the Company and the Bank. Chairman-elect Boyer said, “I want to thank Cindee for her dedicated service and the leadership she provided to the Company, and I wish her all the best in retirement.”

The First National Bank of Elmer, a nationally chartered bank headquartered in Elmer, New Jersey, has a long history of serving the community since its beginnings in 1903. We are a community bank focused on providing deposit and loan products to retail customers and to small and mid-sized businesses from our six full-service branch offices located in Cumberland, Gloucester and Salem Counties, New Jersey, including our main office located at 10 South Main Street in Elmer, New Jersey. Deposits at The First National Bank of Elmer are insured up to the legally maximum amount by the Federal Deposit Insurance Corporation (FDIC).

For more information about Elmer Bank and its products and services, please visit our website at www.ElmerBank.com or call toll free 1-877-358-8141.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210825005616/en/

Matthew A. Swift

Executive Vice President

Chief Financial Officer and

Chief Operating Officer

1-856-358-7000

Source: Elmer Bancorp, Inc.

FAQ

When did Cindee F. Low retire from Elmer Bancorp, Inc.?

Cindee F. Low retired as Chairman of Elmer Bancorp on September 1, 2021.

Who succeeded Cindee F. Low as Chairman of Elmer Bancorp?

P. Scott Boyer has been appointed as the new Chairman of Elmer Bancorp.

What was the asset growth of Elmer Bancorp during Cindee F. Low's tenure?

During Cindee F. Low's tenure, Elmer Bancorp's assets grew from $220 million to $371 million.

What impact might the leadership change have on Elmer Bancorp?

The leadership change could bring fresh perspectives but may also raise concerns about continuity.

What type of bank is The First National Bank of Elmer?

The First National Bank of Elmer is a community bank focused on retail customers and small to mid-sized businesses.