Logansport Financial Corp. Announces Management Transition

Rhea-AI Summary

Logansport Financial Corp. (LOGN) announces the retirement of CEO Arden L. Cramer, effective August 31, 2021, after 15 years in the role. Current CFO Chad Higgins will succeed him, bringing over a decade of experience in the company. Cramer will remain on the board of Logansport Savings Bank, ensuring continuity in leadership and expertise. This transition is expected to provide fresh perspectives under Higgins while maintaining Cramer's insights into the local banking market.

Positive

• Chad Higgins' appointment as CEO may bring a fresh perspective with over 11 years of experience in the company.
• Arden L. Cramer will continue as a board member, ensuring continuity and leveraging his knowledge.

Negative

• The leadership change could raise concerns about continuity in strategic direction.

LOGANSPORT, Ind., March 09, 2021 (GLOBE NEWSWIRE) -- Logansport Financial Corp. (OTCBB – Symbol “LOGN”), an Indiana corporation (the “Company”) and the holding company for Logansport Savings Bank, an Indiana commercial bank located in Logansport, Indiana, announced today that its Chief Executive Officer, Arden L. Cramer, will retire effective August 31, 2021, and that its current Executive Vice President and Chief Financial Officer, Chad Higgins, will be appointed as the Company’s new Chief Executive Officer as of that date. The Company and Mr. Cramer have also agreed that Mr. Cramer will continue to serve as a board member of Logansport Savings Bank and the bank holding company. The Company’s Chairman of the Board, Brian J. Morrill, announced the transition plans today. “On behalf of the Board of Directors, we want to thank Arden for his 15 years of service to the Company and we wish him well in his retirement. We are fortunate to have Chad, who has been the Company’s Chief Financial Officer for the past 11 years, waiting in the wings to assume leadership of the Company. We are also fortunate that Arden will continue to serve as a Director so that we can continue to rely on his deep knowledge of the Company and the local banking market.”

Mr. Higgins, who is 45 years old, earned a degree in Accounting and an MBA from the University of Southern Indiana. He has been the Chief Financial Officer of the Company since 2010 and, prior to then, served for four years as the Chief Financial Officer of Logansport Memorial Hospital.

Contact: Chad Higgins
Chief Financial Officer
Phone 574-722-3855
Fax 574-722-3857

FAQ

Who will be the new CEO of Logansport Financial Corp.?

Chad Higgins will become the new CEO effective August 31, 2021.

Why is Arden L. Cramer retiring?

Arden L. Cramer is retiring after 15 years of service.

What experience does Chad Higgins bring as the new CEO?

Chad Higgins has been the CFO of Logansport Financial Corp. for over 11 years.

Will Arden L. Cramer continue to be involved with the company?

Yes, he will remain a board member of Logansport Savings Bank.

What impact might the leadership change have on LOGN's stock?

Changes in leadership could affect investor confidence and stock performance, depending on market perception.