Phil Poindexter Promoted to President
LOUISVILLE, Ky.--(BUSINESS WIRE)--
Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards
Bank & Trust Company, with offices in the Louisville, Indianapolis and
Cincinnati metropolitan markets, today announced that James A. (Ja)
Hillebrand will become Chief Executive Officer of the Company effective
October 1, 2018. Hillebrand (49) currently serves as President of the
Company and the Bank and has served on the Company's Board of Directors
since 2008. Hillebrand succeeds David P. Heintzman (59), who will retire
as Chief Executive Officer and move into the role of Executive Chairman
of the Board through the end of 2018 and will continue as its Chairman
thereafter. Also, as part of this leadership succession – which has been
long planned and is unanimously supported by the Board – the Company
announced that Philip S. Poindexter (52), who is currently Executive
Vice President and Chief Lending Officer, will become President of the
Company and the Bank, effective October 1, 2018.
Commenting on the announcement, Lead Independent Director Charles R.
Edinger III said, "We appreciate David's long and exemplary service to
the Company. He leaves an indelible imprint on Stock Yards Bank & Trust
for its dynamic and organic growth, guided by his keen eye for
minimizing the risks associated with expansion. On the heels of record
results, strong returns, exceptional credit quality and commendable cost
efficiencies, this leadership transition comes at a good time for the
Company."
"We are fortunate as a company to be able to attract superior talent,
like Ja and Phil, to our outstanding management team and have a strong
succession plan to facilitate a smooth leadership transition," Heintzman
said. "Ja and Phil have played integral roles in our consistent and
attractive growth and are highly committed to the outstanding level of
personalized customer service for which our company is known. Their
achievements within our bank and across the communities we serve give me
great confidence that their leadership abilities will help Stock Yards
Bancorp continue its record as one of the best performing community
banks in the country."
Heintzman joined the Company in 1985 and progressed through management's
ranks as Chief Financial Officer, Executive Vice President and, in 1992
at age 33, was elected President. He has served as Chairman and Chief
Executive Officer since January 2005. During his tenure as CEO, the
Company's total assets have increased 171% to $3.3 billion and total
stockholders' equity has grown 190% to $338 million. The Company's
annual cash dividend has increased 268% from $0.25 per share to an
indicated annual rate of $0.92 per share. Meanwhile the Company's stock
price has increased from $15.30 per share (adjusted for stock splits) to
$39.60 per share at the close on May 25, 2018.
Commenting on the planned transition, Hillebrand said, "I am honored by
the support David and the Board have placed in me to continue driving
sustainable profitability and stockholder returns, while maintaining an
unmatched level of customer service. David has been an important mentor
to many of us, and the values and ethics that define him have made a
lasting impact on our 600+ dedicated employees. Of all his leadership
traits, none are greater or more apparent than his strength of
character. David has overseen tremendous growth over many years of
service, enabling our company to outperform financial benchmarks for our
peers on a consistent basis – through good times as well as during the
financial crisis a decade ago.
"The experiences of our 114-year history remain a model for all of us,
and especially for Phil and me as we work to extend the Company's record
of growth by focusing on our customers and the needs of the communities
we serve," Hillebrand continued. "Phil has been instrumental in the
development and growth of several key lines of business across all three
of our markets and his team-building skills, initiative and sense of
urgency when taking care of our customers' needs will serve him well in
his new role as President."
Hillebrand joined the Company in 1996 to develop its Private Banking
Group. He served as Executive Vice President and Director of Private
Banking until 2008 and, during that time, he directed the Company's
expansion into the Indianapolis and Cincinnati markets and supervised
the Bank's retail brokerage division.
Hillebrand is active in a number of civic and community service
organizations in Louisville. He has served on the Board of Directors of
the Kentucky Derby Festival and was its Chairman in 2011, and he is a
Past Board Chair of the SJ Kids Foundation. He currently serves on the
boards of the Kentucky Bankers Association, Boy Scouts of America -
Lincoln Heritage Council, St. Joseph Children's Home, and the Fund for
the Arts. Hillebrand earned his business administration degree from
Bellarmine University.
Poindexter joined the Company in 2004 as Executive Vice President and
Director of Commercial Lending. In his current role as Executive Vice
President and Chief Lending Officer, he oversees Commercial Banking,
Commercial Real Estate Lending, Private Banking, Treasury Management,
International Banking, and Specialized Lending in Louisville, Cincinnati
and Indianapolis. He has more than 29 years of banking experience with
both small and large financial institutions.
Poindexter has served on the Endowment Board and Executive Committee for
the Kentucky Center for the Arts, Kentucky Country Day Board of
Trustees, and is a Past Board Chair for Junior Achievement of
Kentuckiana. He also currently serves on the Louisville Sports
Commission Board as Treasurer. Poindexter is a graduate of Indiana
University with a degree in Finance.
Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $3.3 billion
in assets, was incorporated in 1988 as a bank holding company. It is the
parent company of Stock Yards Bank & Trust Company, which was
established in 1904. The Company's common shares trade on the NASDAQ
Global Select Market under the symbol SYBT.
This press release contains forward-looking statements under the Private
Securities Litigation Reform Act that involve risks and uncertainties.
Although the Company's management believes the assumptions underlying
the forward-looking statements contained herein are reasonable, any of
these assumptions could be inaccurate. Therefore, there can be no
assurance the forward-looking statements included herein will prove to
be accurate. Factors that could cause actual results to differ from
those discussed in forward-looking statements include, but are not
limited to: economic conditions both generally and more specifically in
the markets in which the Company and its subsidiaries operate;
competition for the Company's customers from other providers of
financial services; government legislation and regulation, which change
from time to time and over which the Company has no control; changes in
interest rates; material unforeseen changes in liquidity, results of
operations, or financial condition of the Company's customers; and other
risks detailed in the Company's filings with the Securities and Exchange
Commission, all of which are difficult to predict and many of which are
beyond the control of the Company. See Risk Factors outlined in the
Company's Form 10-K for the year ended December 31, 2017.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180529006256/en/
Stock Yards Bancorp, Inc.
Nancy B. Davis, 502-625-9176
Executive
Vice President and Chief Financial Officer
Source: Stock Yards Bancorp, Inc.