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Third Century Bancorp and Mutual Savings Bank Announce New Director
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Third Century Bancorp (TDCB) announced the appointment of Philip L. Powell as a new director, effective October 1, 2022. Powell, a well-known figure in the Indiana community, brings over 37 years of business experience from his role as President of Allied Technologies, Inc. His appointment fills a director seat vacated earlier this year. President and CEO David A. Coffey expressed confidence that Powell's expertise and community connections will positively impact the bank, which has over $270 million in assets.
Positive
Philip L. Powell brings 37 years of business experience and community connections.
The appointment fills a crucial vacant director seat, potentially enhancing board stability.
Negative
Concerns regarding continuity in board leadership due to the recent loss of a member.
FRANKLIN, Ind.--(BUSINESS WIRE)--
(OTCPINK: TDCB) - Third Century Bancorp and Mutual Savings Bank announced the appointment of a new director, Philip L. Powell. Mr. Powell’s appointment fills an existing director seat that was vacated early this year due to the death of a board member. Mr. Powell’s appointment is effective October 1, 2022.
Philip L. Powell founded and was President of Allied Technologies, Inc., a manufacturer representative and distribution company of HVAC and commercial kitchen equipment, for over 37 years. Mr. Powell’s entrepreneurial spirit has afforded him opportunities to own and manage multiple investment commercial and vacation properties over his career. Mr. Powell is a graduate of Franklin College, where he served on the Board of Trustees for 17 years and currently holds trustee emeritus status. Mr. Powell is currently retired and resides in the Hickory Stick golf community with his wife, Nancy.
“Today we are pleased to announce the appointment of our newest director, Philip L. Powell. Phil is a well-known member of the central Indiana community and Johnson County. As Phil joins us, he will bring business expertise and community connections that will provide an immediate positive impact,” said President and CEO David A. Coffey. “We are truly fortunate to welcome Phil to the Third Century Bancorp and Mutual Savings Bank family.”
About Third Century Bancorp and Mutual Savings Bank:
Third Century Bancorp, founded in 2004, is the parent company of Mutual Savings Bank. Mutual Savings Bank, founded in Franklin, Indiana in 1890, is a full-service financial institution with over $270 million in assets as of June 30, 2022. Mutual Savings Bank is the only locally, based community bank in Johnson County. Mutual has four locations in Franklin, Greenwood, and Trafalgar. Let’s Bank Together.
Who is Philip L. Powell, the new director of Third Century Bancorp?
Philip L. Powell is a seasoned business professional with over 37 years of experience, previously founding Allied Technologies, Inc. and holding trustee emeritus status at Franklin College.
When did Philip L. Powell's appointment as director take effect?
His appointment became effective on October 1, 2022.
What impact is expected from the appointment of Philip L. Powell at TDCB?
His business expertise and community ties are anticipated to have an immediate positive impact on Third Century Bancorp.
Why was there a need for a new director at Third Century Bancorp?
The vacancy was created due to the death of a board member earlier this year.
