CEO Charlie Funk to Retire From MidWestOne In 2022

Rhea-AI Summary

MidWestOne Financial Group (Nasdaq: MOFG) announced the retirement of CEO Charlie Funk, who will step down later this year after 21 years with the company. Funk joined in 2000 and became CEO in 2008, guiding the bank from under $500 million in assets to nearly $6 billion today. Under his leadership, the organization focused on community banking and built a strong management team. The board has initiated a national search for Funk's successor to ensure a smooth transition, while he remains a board member.

Positive

• Growth in assets from less than $500 million to nearly $6 billion.
• Established a strong leadership team and community-focused banking culture.

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• None.

Twenty-One-Year Career Marked by Family-oriented Community Banking Focus and Significant Growth

IOWA CITY, Iowa, Feb. 07, 2022 (GLOBE NEWSWIRE) -- MidWestOne Financial Group, Inc. (Nasdaq: MOFG), parent company of MidWestOne Bank, today announced that its Chief Executive Officer (CEO) Charlie Funk, 67, will retire later this year, following a successful 21-year career with the organization.

Funk joined MidWestOne in November 2000 and has served as CEO since March 2008. He was President of the Company and the Bank from November 2000 to July 2020. During his 42-year career, he also worked for three other Midwest-based banks. He has taught at the Colorado Graduate School of Banking in Boulder, Colorado, the Iowa School of Banking, and the Stonier Graduate School of Banking at Georgetown University.

"On behalf of the Board of Directors, I would like to thank Charlie for his decades of service and exceptional, steadfast leadership," said Kevin Monson, Company and Bank Chairman of the Board. "As CEO of MidWestOne, he has prioritized integrity and family-oriented community banking and led the organization from less than $500 million in assets and approximately 200 employees in 2000, to nearly $6 billion in assets and 750 employees today with locations in Iowa, Minnesota, Wisconsin, Colorado and Florida.

"Moreover, Charlie has developed an experienced and seasoned leadership team that values long-term relationships and helping customers and communities succeed. The communities we serve are not only the inspiration of our organization, but the purpose behind our existence. The impact and legacy of his leadership leaves MidWestOne well positioned for the future."

MidWestOne's Board of Directors has engaged executive search firm Spencer Stuart to conduct a national search to identify Funk's successor. Spencer Stuart is one of the world's leading global executive search and leadership consulting firms, specializing in chief executive, board director and senior executive roles. Funk will remain with MidWestOne until a successor is chosen and in place to ensure a seamless transition. He will continue to serve as a member of the company's Board of Directors.

Said Funk, "As an organization, we've traveled many miles together over the past 21 years. We took a venerable, family owned bank and, in time, merged it with three other like-minded family banks and became a public company. We've been a stable employer that continues to win awards for our culture and engagement. And, we've generously supported our local communities, even in the most challenging economic times.

"I would like to thank MidWestOne's Board and our more than 750 employees for the opportunity to lead this organization. I have been gratified by their trust and inspired by their hard work and dedication in carrying out our 87-year-old mission of 'taking care of our customers and those who should be'. I am proud of what we have achieved together, and I take comfort in knowing that with our experienced team, strong culture and customer commitment, MidWestOne's best days lie ahead."

About MidWestOne Financial Group

MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, Florida, and Colorado. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.bank. MidWestOne Financial Group, Inc. trades on the Nasdaq Global Select Market under the symbol "MOFG".

Category: Management

This news release may be downloaded from https://www.midwestonefinancial.com/corporate-profile/default.aspx

Source: MidWestOne Financial Group, Inc.

Industry: Banks

Contacts:

Barry Ray
Senior Executive Vice President & Chief Financial Officer
319-356-5931

Gregory Turner
Executive Vice President, Wealth Management & Corporate Communications
319-356-5923

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bd7db825-8bae-4514-bcad-9e5f9b90d785

FAQ

What was the announcement made by MidWestOne Financial Group on February 7, 2022?

MidWestOne Financial Group announced the retirement of CEO Charlie Funk, effective later this year.

How long did Charlie Funk serve as CEO of MidWestOne Financial Group?

Charlie Funk served as CEO for approximately 14 years, from March 2008 until his upcoming retirement.

What is the asset growth of MidWestOne Financial during Funk's leadership?

Under Charlie Funk's leadership, MidWestOne Financial grew its assets from less than $500 million to nearly $6 billion.

Who is responsible for finding a new CEO for MidWestOne Financial Group?

The Board of Directors has engaged Spencer Stuart to conduct a national search for Charlie Funk's successor.

What does MidWestOne Financial Group focus on in its banking services?

MidWestOne Financial Group emphasizes family-oriented community banking.