NASB Financial, Inc. Announces Resignation of Chief Executive Officer

Rhea-AI Summary

On March 28, 2022, NASB Financial, Inc. (OTCQX: NASB) announced the resignation of CEO Paul Thomas, effective March 25, 2022. He will assist during the transition until April 30, 2022. Thomas B. Wagers, Sr., previously Executive VP and Chief Risk Officer, has been appointed as the new CEO and President. Board Chairman David Hancock praised Thomas's contributions since 2013 and expressed confidence in Wagers's 30+ years of banking experience to support NASB's ongoing growth, especially in mortgage banking.

Positive

• Appointment of Thomas B. Wagers, Sr. as CEO expected to bring strong leadership and continuity.
• Wagers's extensive experience in banking, including eight years with NASB, may strengthen company operations.

Negative

• Paul Thomas's departure raises concerns about leadership continuity.
• Transition to a new CEO could present short-term operational challenges.

KANSAS CITY, Mo., March 28, 2022 /PRNewswire/ -- NASB Financial, Inc. (OTCQX: NASB) today announced that its Chief Executive Officer, Paul Thomas, resigned from his positions of Chief Executive Officer and a member of the Board of Directors of both NASB Financial, Inc. and its banking subsidiary North American Savings Bank, F.S.B. (collectively, the "Company" or "NASB"), effective March 25, 2022.  Mr. Thomas intends to depart the Company on April 30, 2022, after a long and successful career at NASB.  Until his departure, Mr. Thomas will remain with the Company in a limited capacity to assist in transition and the completion of several projects.

The Company has appointed Thomas B. Wagers, Sr. to succeed Mr. Thomas as Chief Executive Officer.  Mr. Wagers has also been appointed President of both NASB Financial, Inc. and North American Savings Bank, F.S.B.  Prior to his appointment, Mr. Wagers was NASB's Executive Vice-President and Chief Risk Officer.  He will continue to serve on the Board of Directors of both NASB Financial, Inc. and North American Savings Bank, F.S.B.

"Paul has played major part in the success and growth of NASB since he was appointed CEO in 2013.  His vision and influence have been instrumental in helping build NASB to one of the best performing community banks in the country," said NASB Chairman David Hancock.  Mr. Hancock added, "Speaking for the Board, we will miss Paul's steady hand and leadership. At the same time, I am very confident that Tom's thirty plus years of experience in the banking industry, including the last eight with NASB, will serve us well as we continue the development of our mortgage banking business which, combined with our other local lending and retail deposit business, will maintain NASB's successful trajectory."

About NASB

NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B. ("NASB").  Since 1927, NASB has been serving the financial needs of customers by providing an array of personal banking and lending products in the Kansas City metro area.   Nationwide, NASB offers competitive residential and commercial mortgages with the safety and security of a Federal institution. For more information, visit nasb.com. 

Forward-Looking Statements

This press release includes "forward-looking statements," which are statements, other than statements of historical facts, regarding our prospects, plans, financial position and business strategy.  Although we believe that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these expectations will prove to have been correct.  All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement.  The forward-looking statements included herein are made only as of the date of this press release, and we do not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.

View original content:https://www.prnewswire.com/news-releases/nasb-financial-inc-announces-resignation-of-chief-executive-officer-301511975.html

SOURCE NASB Financial, Inc.

FAQ

What leadership changes occurred at NASB Financial on March 28, 2022?

Paul Thomas resigned as CEO, effective March 25, 2022, and Thomas B. Wagers, Sr. was appointed as his successor.

What will Paul Thomas's role be after resigning from NASB Financial?

Paul Thomas will assist with the transition and complete several projects until April 30, 2022.

How might the leadership change at NASB Financial affect its business?

The new CEO, Thomas B. Wagers, Sr., has over 30 years of experience in banking, which could positively influence NASB's operations and stability.

What is the background of the new CEO of NASB Financial?

Thomas B. Wagers, Sr. served as Executive VP and Chief Risk Officer at NASB prior to his appointment as CEO.

What is the significance of Paul Thomas's tenure at NASB Financial?

Paul Thomas played a key role in NASB's growth and success since 2013, making his departure noteworthy for the company.