Dunmore, PA, May 18, 2016/Globe Newswire/-First National Community Bancorp, Inc., (OTCQX:FNCB) (the “Company”), the parent company of Dunmore-based First National Community Bank (the “Bank”) collectively (“FNCB”), today announced that Steven R. Tokach, President and Chief Executive Officer and a member of the Board of Directors will retire on June 30, 2016 after a 48-year career in the banking industry.
When Mr. Tokach joined FNCB in November 2011, FNCB was facing significant regulatory and financial challenges. Under his leadership, the Bank was fully released from the Consent Order entered into with the Office of the Comptroller of the Currency; the Company was fully released from the Written Agreement entered into with the Federal Reserve Bank of Philadelphia; the Company’s stock initiated trading on the OTCQX marketplace; the Company reported four consecutive years of profitability including record earnings in 2015; quarterly dividends for shareholders resumed; and book value per share increased 115%.
“I want to express the Board’s appreciation for Steve’s leadership over the last four and one-half years,” said Dominick L. DeNaples, Chairman of the Board. “Steve shared our commitment to restore the confidence of shareholders, customers, regulators, employees and the communities we serve. Under his leadership and guidance, FNCB is now well positioned for continued success as an independent community bank. The entire FNCB team wishes Steve a happy, healthy and well-deserved retirement.”
The Board has appointed Gerard A. Champi, Chief Operating Officer, to be the new President/CEO of the Company and the Bank, effective July 1, 2016. Jerry will also become a Director of both the Company and Bank and will replace Steven Tokach as a Class A Director for the Company with a term expiring in 2017. Champi joined the Bank in 1991 and has over 30 years banking experience. He is a 1982 graduate of the Pennsylvania State University where he received a Bachelor of Science Degree in Accounting. He received his MBA in Finance and Accounting from Wilkes University in 1989.
“On behalf of the entire Board of Directors, I want to congratulate Jerry on his new position and to express the Board’s confidence that he will lead FNCB to even greater success,” added DeNaples. “As a highly respected leader in our Company, our community and our industry, Jerry is a perfect choice to lead the best banking team in Northeastern Pennsylvania.”
First National Community Bank, locally-based for over 100 years, continues as Northeastern Pennsylvania's premier community bank - offering a full suite of personal, small business and commercial banking solutions with industry-leading mobile, online and in-branch products and services. FNCB remains dedicated to the communities they serve with an on-going mission to be: Simply a better bank™. For more information, visit www.fncb.com.