Citizens First Bank Announces 2022 Results at Annual Shareholder Meeting
CFB Holding Company, the parent organization for Citizens First Bank, held its annual shareholder meeting Wednesday, February 15, 2023.
Stephen C. Clements, President of Citizens First Bank, presented the financial results of the bank for the fiscal year that ended December 31, 2022. He noted the bank’s accomplishments over the past year, and reported positive returns for shareholders, with an ROE of 12.80. Year-end financials for 2022 indicate Citizens First Bank total assets of $303.4 million, an increase of over 7% in assets from the prior year.
Clements stated, "Citizens First Bank is happy to report continued success. Our customer base continues to grow, and we are grateful for the support we have in our local market. Even in an unpredictable rate environment, we saw loan growth of almost $36 million in 2022. Our team at CFB is hard at work to bring banking as it should be to our friends and neighbors in the Gateway Area.”
John McEleney, Chairman of the Board of Directors, provided his thoughts to those present at the shareholder meeting. He shared that Citizens continues to keep pace with the best in class in community banking. McEleney remarked that the bank’s succession plan has included transitions in senior management and among the officer group. “We are content with the plans we have made to support CFB’s continued growth.”
Additionally, McEleney and Clements provided their thoughts on the budget and strategic outlook for 2023 and shared several promotions among staff.
Ryan Melton, Vice President of IT and Operations, joins the Senior Management Team. Melton’s experience in banking technology, compliance, and operations is an excellent fit for the Citizens First Bank senior team. His education at Western Illinois University and 14-year career in banking have prepared him well for his role.
Stacy Barenz is promoted to Controller / Cashier of both Citizens First Bank and the Holding Company. Barenz has been with Citizens First Bank since 2017, serving in various roles in finance and accounting. Barenz is a graduate of the University of Iowa and brings 15 years of banking experience to her role.
In addition to these promotions, the following bank officers and directors were named:
Kathryn A. Forrest, CEO; Stephen C. Clements, President; Keith D. Hook, Executive Vice President; Emily J. Schulz-Stiles, VP Human Resources / Board Secretary; R. Heather Farwell, VP Financial Services; Edward J. Dunham, VP – Business Development; Evan R. Trenkamp – VP – Senior Lender; Ryan A. Melton, VP IT/ Operations; Gregory B. Farwell, VP Sr. Real Estate Lender; Georgia E. Cook, VP Loan Administration Officer; Ashley E. Streed, Compliance/ BSA Officer; Carrie R. Donaire, Marketing Officer; Kristine E. Wiersema, Loan Officer; Mary L. Temple, Branch Officer; Michelle L. Osborn, Operations Officer; Stacy L. Barenz, Controller (Cashier).
Directors appointed for the coming year are John P. McEleney, McEleney Holdings LLC (Chairperson); Jens E. Baker, Apex Construction Consultants; Mary P. Connell, Air Control; Gary L. Foster, Winkel, Parker & Foster; Mike R. Hanrahan, Agri-King; Robert B. Holesinger, Quality Concrete Company; Steve L. Howes, Howes & Jefferies; Ryan J. Kinkaid, Aceto; Kathryn A. Forrest*, Citizens First Bank; Stephen C. Clements*, Citizens First Bank. *upon retirement of Kathryn A. Forrest, Stephen C. Clements will take her seat.