Whidbey Island Bank photo
Jack Wagner, Whidbey Island Bank CEO
Washington Banking Co. Washington Banking Co. Latest from The Business Journals Elusive profits keep Washington state banks from repaying TARPDEALS OF THE YEAR: Some banks growWashington Banking Q4 earnings up Follow this company , parent of Whidbey Island Bank Whidbey Island Bank Latest from The Business Journals Whidbey Island Bank CCO steps downWhich Wash. banks have the most foreclosed properties?Washington banks post strong Q2 earnings Follow this company , says it will have a new president and CEO starting Jan. 1, 2012. Current CEO Jack Wagner will remain in his current role until that time.
The new leader, Bryan McDonald, is currently Whidbey Island’s commericial banking manager and chief operating officer. Previously he was a commercial banking manager at Peoples Bank Peoples Bank Latest from The Business Journals New Carrollton park to honor late bank presidentPatterson, new team take over CapStone; Ogburn outCustomers, workers, owners key to bank M&A deals Follow this company , of Lynden. He held the same position at Washington Mutual Washington Mutual Latest from The Business Journals Whistleblower suit targets major banksWhistleblower suit in Atlanta targets major banksIn twist, WaMu bought faulty loans, FDIC says Follow this company , the giant Seattle thrift that failed in 2008.
Three others at Whidbey Island — George Bowen, Edward Eng, and Daniel Kuenzi — were promoted to executive roles. Earlier this month I reported the bank’s chief credit officer, Joe Niemer, plans to step down at the end of the year because he is retiring. Today’s announcement indicates he will be replaced by Kuenzi.
Wagner said in a statement the shift was to “take better advantage of the expertise of our team.”
Tony Pickering, Washington Banking Co.’s chairman of the board said they had been planning this transition for years. “As directors, we know how important it is for companies to plan management succession,” he said.
Wagner’s tenure at Whidbey Island was marked by success. He navigated the bank through the financial downturn, actually doubling its size through two acquisitions of failed Washington banks (Lynnwood-based City Bank City Bank Latest from The Business Journals River City Bank picked for Roseville Community DevelopmentCapitol City Bank raises more than millionBank asks customers to keep it in business Follow this company and Arlington-based North County Bank North County Bank Latest from The Business Journals DEALS OF THE YEAR: Some banks growWashington Banking Co. reports profitState regulators close North County Bank Follow this company ).
He told me in a candid interview in February that the recession was a stressful time for the institution. Telling a bank it has failed “feels like announcing a death in the family,” he said.
Whidbey Island Bank, based in Oak Harbor, has $ 1.67 billion in assets and 30 branches.
KELLY GILBLOM covers banking, finance and wealth management for the Puget Sound Business Journal. Phone: 206-876-5428 | Email: email@example.com | Twitter: KellyGilblom | Click here to sign up for the PSBJ Daily Update.
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