Friday, Citizens Republic Bancorp, Inc. (CRBC), a diversified financial services company, announced the retirement of William Hartman as its president and chief executive officer, effective January 31. The company named Cathleen Nash as the successor and also appointed her to the board, effective February 1.
Most recently, Nash served as the company's executive vice president and head of regional banking. Prior to joining Citizens, Nash was senior vice president, director of branch banking for Atlanta, Georgia-based SunTrust Corporation.
The company said that Hartman will remain as non-executive chairman of the Board of Directors through the bank's 2009 Annual Meeting, following which the Board will select an independent Board member to succeed Hartman as non-executive chairman.
The company noted that due to Nash's appointment, the Board will be expanded to 13 directors, 11 of whom are independent.
In addition, Thomas Shafer has been named executive vice president of regional banking as Nash's replacement. Currently, Shafer manages the East Michigan Region of Citizens Bank.
CRBC ended Thursday's trading at $1.89 on the Nasdaq.
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