OXFORD BANK CORPORATION ANNOUNCES RETIREMENT OF RICHARD MILLER AND APPOINTMENT OF JESSE DEERING AS CHIEF FINANCIAL OFFICER AND TREASURER

Rhea-AI Summary

Oxford Bank Corporation announced the retirement of Chief Financial Officer Richard K. Miller, effective in 2023. Jesse A. Deering, previously at Mackinac Financial Corporation, has been appointed as the new CFO. The transition plan aims to ensure leadership continuity and robust financial systems development. Miller, who has played a crucial role in the company's financial infrastructure since 2017, will assist during the transition. Deering brings 20 years of banking experience, crucial for future growth, particularly in mergers and acquisitions.

Positive

• Appointment of Jesse A. Deering as CFO is expected to enhance leadership and strategic growth.
• Deering's extensive experience in banking, particularly in M&A, may positively impact future initiatives.

Negative

• Retirement of a long-serving CFO may create a temporary leadership gap.
• Possible challenges in maintaining continuity during the transition period.

OXFORD, Mich., June 20, 2022 /PRNewswire/ -- Oxford Bank Corporation ("Oxford" or "the Company") (OTC Bulletin Board: OXBC), the holding company for Oxford Bank ("the Bank"), announced today that Senior Vice President & Chief Financial Officer, Richard K. Miller, will be retiring in 2023.  The Company's Board of Directors have appointed, Jesse A. Deering, age 42, as Executive Vice President and Chief Financial Officer of both the Bank and Company, effective June 20, 2022.  During the past several months, the Company's and Bank's Board of Directors and executive management developed a comprehensive plan to ensure a seamless succession of the CFO position and continued development of financial systems.  The plan calls for Mr. Miller to remain with the Company and Bank through a transition period.  

Mr. Miller has served as SVP & CFO of Oxford and the Bank since September 18, 2017.  He joined Oxford to lead the finance department through the transition and improvement of the accounting and financial reporting functions of the organization.  Miller, with his 40+ years of broad experience with specific expertise in accounting, tax planning and regulatory reporting, was also a key contributor in the Company's recent acquisition related activities and overall organizational growth the past five years.

"Rich Miller has been integral part of our growth by completely rebuilding and automating our financial infrastructure to produce timely and accurate information which has been critical to our ability to move quickly and make good strategic decisions. He has been an important leader providing high quality advice on a broad range of issues to our executive team and Boards of Directors. We look forward to an extended transition to continue his work on creating a first-class management accounting system to reflect our increased complexity." said David P. Lamb, Oxford Chairman, President & CEO. "We are also gratified that Jesse Deering is joining our leadership team after a highly successful career with a very highly regarded former neighbor bank. Jesse's broad range of experience (both operational and financial) including bank M&A and crossing the one billion benchmark, is expected to be very important to our future growth and development."

Mr. Deering brings 20 years of diversified banking experience to Oxford.  Most recently, he spent 17 years with the former Mackinac Financial Corporation and mBank where he served the last 5 years as the collective organization's Executive Vice President & Chief Financial Officer.  In addition to his role overseeing the day-to-day financial operations and reporting at Mackinac and its wholly owned bank, he was also part of a management team that completed five whole bank acquisitions and a follow-on equity raise as the public company grew to over $1.5 billion in assets.  He was involved in all aspects of the M&A activity including deal negotiations, financial modeling, pre-deal due diligence, expense and accretion analysis as well as post-transaction operational integration.  Along with his corporate development and investor relations duties, Mr. Deering also led strategic planning initiatives for the company.  Immediately preceding his time as CFO, Deering led retail branch banking, marketing and IT.  Prior to this role, he managed all banking related activities in the Southeast Michigan region as the Senior Vice President & Southeast Michigan Executive which included oversight of the regional loan portfolio, commercial lending function and branch operations.  He also worked closely with the credit department serving as Assistant Vice President / Senior Credit Administrator shortly after joining the company.     

Mr. Deering holds an undergraduate degree from Albion College and a MBA from the University of Notre Dame.  While at Notre Dame he worked with particular focus in the areas of strategic finance, corporate communications and change management.   

Oxford Bank is a subsidiary of Oxford Bank Corporation, a registered holding company. It is the oldest commercial bank in Oakland County, MI, and operates seven full-service offices in Clarkston, Davison, Dryden, Lake Orion, Oakland Township, Ortonville and Oxford. The Bank also has Customer Experience Centers in Rochester Hills, Ann Arbor, and Macomb (late 2022), MI, with transactional services provided by Interactive Teller Machines only. In addition, Oxford Bank has business banking centers in Wixom, Oxford, and Flint, MI. The Bank's wholly owned subsidiary, Oxford Commercial Finance, also operates a commercial finance center in Phoenix, AZ. The Bank has operated continuously under local ownership and management since it first opened for business in 1884. For more information about Oxford Bank and its complete line of financial services, please visit www.oxfordbank.com.

Except for the historical information contained herein, the matters discussed in the Release may be deemed forward-looking statements that involve risk and uncertainties. Words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "project", or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Factors which could cause actual results to differ, include, but are not limited to, fluctuations in interest rates, changes in economic conditions of the Bank's market area, changes in policies by regulatory agencies, the acceptance of new products, the impact of competitive products and pricing and the other risks detailed from time to time in the Bank's and Corporation's reports. These forward-looking statements represent the Bank's judgment as of the date of this report. The Bank disclaims, however, any intent or obligation to update these forward-looking statements.

Contact:	David P. Lamb, President & CEO
Phone:	(248) 628-2533
Fax:	(248) 969-7230

 

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SOURCE Oxford Bank Corporation

FAQ

What is the reason for Richard K. Miller's retirement from Oxford Bank Corporation?

Richard K. Miller is retiring in 2023 after serving as CFO since 2017, with plans for a transition period.

Who has been appointed as the new CFO of Oxford Bank Corporation?

Jesse A. Deering has been appointed as the new CFO effective June 20, 2022.

What experience does Jesse A. Deering bring to Oxford Bank Corporation?

Jesse A. Deering brings 20 years of banking experience, including significant roles in M&A and financial operations.

What impact might Jesse A. Deering's appointment have on Oxford Bank Corporation?

His background in banking and M&A is expected to drive future growth and operational improvements.