Timberland Bancorp, Inc. Announces the Retirement of Director James A. Davis

Rhea-AI Summary

Timberland Bancorp, Inc. (NASDAQ – TSBK) announced the retirement of director James A. Davis, effective August 24, 2021, due to reaching the mandatory retirement age. Davis has served since 2017 and will take on an advisory role post-retirement. The Board also voted to reduce its size from nine to eight members. Chairman Jon Parker and President Michael Sand praised Davis for his exceptional service and contributions, particularly in technology matters, which benefited the management team.

Positive

• James A. Davis has transitioned to an Advisory Director role, indicating continued involvement.
• The Board's decision to reduce its size may streamline decision-making processes.

Negative

• None.

HOQUIAM, Wash., Aug. 24, 2021 (GLOBE NEWSWIRE) -- Timberland Bancorp, Inc. (NASDAQ – TSBK) (“Timberland” or the “Company”), the holding company for Timberland Bank (the “Bank”) today announced the retirement of James A. Davis as a director of the Company and of the Bank effective August 24, 2021 having reached Timberland’s mandatory retirement age. Mr. Davis has served as a Director of the Company and of the Bank since 2017.

Jon Parker, the Company’s Chairman of the Board stated, “Jim’s dedicated service and commitment to the Company and the Bank during his tenure on the Boards has been exceptional and we have expressed to him our sincere appreciation for the leadership and direction he provided to the Bank’s management team. We wish him the best during his retirement.”

Mr. Davis has been appointed an Advisory Director of the Company.

“Jim’s extensive career in the technology sector allowed him to provide wise counsel and support in matters involving technology which have proven very beneficial to Management,” added Michael Sand, the Company’s President and CEO. “We appreciate his willingness to serve as an Advisory Director”

The Company’s Board also voted to reduce the size of its Board of Directors from nine (9) to eight (8) members at the time of Mr. Davis’ retirement.

About the Company

Timberland Bancorp, Inc., a Washington corporation, is the holding company for Timberland Bank (“Bank”). The Bank opened for business in 1915 and serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 24 branches (including its main office in Hoquiam).

Contact:	Michael R. Sand,
	President & CEO
	Dean J. Brydon, CFO
	(360) 533-4747
	www.timberlandbank.com

FAQ

What changes were announced by Timberland Bancorp on August 24, 2021?

Timberland Bancorp announced the retirement of director James A. Davis and the reduction of its Board size from nine to eight members.

Who is James A. Davis in relation to Timberland Bancorp?

James A. Davis was a director of Timberland Bancorp and the Bank since 2017 and has been appointed as an Advisory Director following his retirement.

What impact does the retirement of James A. Davis have on Timberland Bancorp?

Davis's retirement reduces the Board size, which may streamline governance, though he continues to contribute as an Advisory Director.

What is the current Board size of Timberland Bancorp after the recent changes?

After James A. Davis's retirement, the Board size of Timberland Bancorp has been reduced from nine to eight members.