Company Announces Management Succession Plan, With President David Heintzman
to Assume Additional ResponsibilitiesLOUISVILLE, Ky., Feb. 17 /PRNewswire-FirstCall/ -- S. Y. Bancorp, Inc.
(Amex: SYI) announced that David H. Brooks, Chairman of the Board and Chief
Executive Officer of Company, has informed the Board of Directors of his
intention to retire at the end of 2004. In planning for succession, S. Y.
Bancorp's Board of Directors named David P. Heintzman, currently President of
the Company, to the additional posts of Chairman and Chief Executive Officer
effective January 1, 2005.
Mr. Brooks (61) joined the Company in 1971 and has been a Director since
1985. In 1993, he was named Chairman of the Board and Chief Executive
Officer. Under his leadership as Chairman, assets have grown from
$200 million to $1.1 billion and net income has risen from $2 million to
$17.7 million as of December 31, 2003. Mr. Brooks began his career at the
bank in the commercial lending area where he concentrated his time until his
appointment to President in 1987. Mr. Brooks plans to stay on the Board until
the mandatory board retirement age of 70. Mr. Brooks serves on numerous civic
Boards with leadership roles in many, which currently includes Campaign
Chairman of the Greater Louisville Fund for the Arts. Mr. Brooks plans to
stay involved in the community after retiring.
Mr. Heintzman (44) joined the Company in 1985 and became its President in
1992. He is a graduate of the University of Louisville as an accounting major
with a Bachelor of Science degree in Commerce. Prior to his tenure with the
Company, Mr. Heintzman was employed by the international accounting firm of
KPMG, LLC. He is a Certified Public Accountant.
Commenting on the appointment, Chairman Brooks said, "This orderly
progression had been contemplated for some time. It has been my intention
throughout my tenure as Chairman and Chief Executive Officer to build a
strong, experienced and skilled management team. It is imperative to a
Company's long-term success that leadership should emerge from the team and
not merely from the individual, so that proper transitions can be made in
circumstances such as this. I strongly believe in this team, and it is my
great pleasure to note that, as this appointment so aptly demonstrates, S. Y.
Bancorp has indeed attracted the finest talent in the industry.
"David has distinguished himself in every endeavor -- in both his
professional and personal life," Mr. Brooks continued. "His drive for success
and his demand for integrity and commitment -- of himself and those around him
-- helped forge one of the strongest banking organizations in this country.
David has helped me lead the Company through phenomenal growth over the past
decade, with total assets increasing at an annual growth rate of over 16% and
earnings growth exceeding 20%, which places S. Y. Bancorp at the forefront of
the industry. We are gratified to reward his dedication and hard work in this
manner. David's management experience and financial acumen make him well
qualified to assume this role. We believe he will continue to make sound
contributions to the work of the Board and have a major role in the future
direction of the Company."
Looking forward to his assumption of the additional responsibilities of
Chairman and Chief Executive Officer, Mr. Heintzman added, "Obviously, this is
a wonderful and exciting opportunity, and I welcome the prospects of building
on the concepts of sound fiscal management, unwavering focus on customer
service, and strict dedication to the ideals of ethical corporate governance
that are the legacies provided to us by David Brooks. We are grateful for the
strong foundation he has laid for our present and future growth, and the
breadth and depth of executive talent he has assembled on our management team
to maintain this momentum going forward."
S. Y. Bancorp, Inc. was incorporated in 1988 as a bank holding company in
Louisville, Kentucky and is the parent company of Stock Yards Bank & Trust
Company, which has 20 branch locations in Kentucky and southern Indiana.
Stock Yards Bank & Trust Company also maintains a loan production office in
Indianapolis, Indiana. Stock Yards Bank & Trust Company was established in
1904 in Louisville, Kentucky. S. Y. Bancorp, Inc. is also the parent company
of S. Y. Bancorp Capital Trust I, a Delaware statutory business trust that is
a 100%-owned finance subsidiary.
SOURCE S. Y. Bancorp, Inc.
-0- 02/17/2004
/CONTACT: Nancy B. Davis, Executive Vice President, Treasurer and Chief
Financial Officer of S. Y. Bancorp, Inc., +1-502-625-9176/
/Web site: http://www.syb.com/
(SYI)
CO: S. Y. Bancorp, Inc.
ST: Kentucky
IN: FIN
SU: PER
MH-JK
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9918 02/17/200418:33 ESThttp://www.prnewswire.com