OXFORD BANK CORPORATION ANNOUNCES THE ELECTION OF TWO EXECUTIVES TO THE OXFORD BANK BOARD OF DIRECTORS

Rhea-AI Summary

Oxford Bank Corporation announced the immediate appointment of two executives, Michael Goik and Matthew Lowman, to its Board of Directors. Goik serves as President of Oxford Commercial Finance, while Lowman is Executive Vice President and Chief Risk Officer of Oxford Bank. Chairman and CEO David Lamb emphasized their expertise in lending and risk management, noting that their inclusion is intended to enhance governance and strategic direction as the organization grows. Both executives bring extensive experience in commercial banking, which is critical for the bank's operations.

Positive

• Appointment of experienced executives enhances leadership and governance.
• Goik and Lowman's backgrounds in lending will strengthen revenue generation.

Negative

• Potential concerns about continuity and experience gaps in leadership.

OXFORD, Mich., March 15, 2023 /PRNewswire/ -- Oxford Bank Corporation ("the Company") (OTC Bulletin Board: OXBC), the holding company for Oxford Bank ("the Bank"), today announced the appointment of two executive leaders, Michael ("Mick") Goik, President, Oxford Commercial Finance and Matthew Lowman, Oxford Bank Executive Vice President, and Chief Risk Officer, to the Oxford Bank Board of Directors, effective immediately.

Chairman, CEO and President David Lamb commented, "Both the Company's and Bank's Board of Directors made this appointment to recognize the value that Messrs. Goik and Lowman can bring to our deliberations on a range of issues as our organization becomes larger and more complex.  Together they represent the leadership of our lending businesses which are both our largest revenue generators and the area of the Bank that entails the most significant risk management.  Both executives have extensive experience and a consistent record of success in growing financial institutions through strong sales and credit cultures.  Matt has spent the majority of his career operating within traditional commercial banking and providing leadership of growing conventional banks as both a Chief Lending Officer and Chief Risk Officer. Mick has held senior positions, including President, within an industry leading specialty bank focused exclusively on commercial and alternative finance products that included asset-based lending, factoring, and leasing." Lamb added, "Both leaders are intensely focused day-to-day on their respective business lines, and we believe that the knowledge sharing through Board of Directors membership will allow more insight on each other's business as well as other important aspects of the combined Bank."

Lead Independent Director Karen Mersino noted, "The Board and Management have a deep commitment to improvement every day.  I believe this appointment will positively add to our discussions and further enhance the Directors' governance and oversight while also further assisting in setting the strategic direction of the collective Company.  The Board is looking forward to this enhanced relationship with two key leaders of business lines that are our principal revenue contributors."

Oxford Bank is a subsidiary of Oxford Bank Corporation, a registered holding company. It is the oldest commercial bank in Oakland County 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, MI and Macomb, MI, with transactional services provided by Interactive Teller Machines only. In addition, Oxford Bank has business banking centers in Wixom, downtown Oxford, Ann Arbor and Flint, MI. 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, Chairman, President & CEO
Phone:	(248) 628-2533
Fax:	(248) 969-7230

 

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SOURCE Oxford Bank Corporation

FAQ

What recent appointments were made at Oxford Bank Corporation?

Michael Goik and Matthew Lowman were appointed to the Board of Directors.

How might the new board members impact Oxford Bank Corporation?

Their extensive experience in lending and risk management is expected to enhance governance and strategic direction.

What are the roles of the newly appointed executives at Oxford Bank Corporation?

Michael Goik is the President of Oxford Commercial Finance, and Matthew Lowman is the Executive Vice President and Chief Risk Officer.