SOURCE: Sturgis Bancorp, Inc.

June 28, 2012 12:05 ET

Sturgis Bancorp Announces Chairman of the Board Retirement

STURGIS, MI--(Marketwire - Jun 28, 2012) -  Sturgis Bancorp, Inc. (OTCBB: STBI) announces the retirement of Mr. Leonard L. Eishen, Chairman of the Board, for Sturgis Bancorp, Inc. and Director for Sturgis Bank & Trust Company. The Bancorp and Bank Bylaws have a mandatory retirement age of 75 years. Mr. Eishen has attained the age of 75, and as a result is retiring.

"Since the mid 1970's I have had the privilege of knowing Leonard as my banker and eventually a fellow Board member. His common sense approach to banking could always be counted on for honest, straightforward discussions and decisions. Sturgis Bank and Trust Company has been his life, his dedication, loyalty and leadership has contributed to the growth and prosperity of the organization. The Bank and community have been very fortunate he arrived here to spend his life as he truly has made a difference. Leonard will be missed as a Board member but we will continue to operate the Bank in the manner he has taught us," said Donald Frost, Chairman of the Board.

"My father has been instrumental to the growth and success of the Bank for over 36 years. Fortunately for me, I will continue to enjoy his advice and mentoring after his retirement. He will continue to be one of the Bank's largest shareholders and I have no doubt he will be sharing his opinion and offering advice to me as the CEO. I am fortunate to have a fantastic father and mentor. Our relationship will keep alive the intuitional memory and ensure the Bank remains on the right pathway to success. I will also remember his advice and cautions my entire career. We share our business beliefs and our strategic goals are very similar. We hold strong opinions on ethical behavior and making sure the interest of our community and employees are considered along with those of the stockholders. We also share the belief in keeping the Bank a locally owned community bank. Sturgis Bank & Trust Company is the last community bank headquartered in Sturgis and St. Joseph County. As a community bank, we understand we can make a difference in the long-term success of the communities we serve. Economic development is a major function of any banking entity. We understand that we are only as successful as the communities we serve. We have a vested interest in our customer's and community's success for this reason. We will continue to be focused on quality of life, new business attraction and existing business retention. A strong community bank can positively influence all of these factors," said Eric Eishen, President and CEO.

Leonard and his wife Rosalie reside in Sturgis where they remain active in many community clubs and organizations. They look forward to traveling and spending time with their grandchildren.

This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include statements regarding intent, belief, outlook, objectives, efforts, estimates or expectations of Bancorp, primarily with respect to future events and the future financial performance of the Bancorp. Any such forward-looking statements are not guarantees of future events or performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement. Factors that could cause a difference between an ultimate actual outcome and a preceding forward-looking statement include, but are not limited to, changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; government and regulatory policy changes; the outcome of any pending and future litigation and contingencies; trends in consumer behavior and ability to repay loans; and changes of the world, national and local economies. Bancorp undertakes no obligation to update, amend or clarify forward-looking statements as a result of new information, future events, or otherwise. 

Contact Information

  • Contacts:
    Sturgis Bancorp
    Eric Eishen
    President & CEO

    or

    Brian P. Hoggatt
    CFO
    Phone 269-651-9345