First Bank today announced Tim Lathe will retire next year as CEO of FB Corporation, the holding company of First Bank, and current Chief Operating Officer Shelley Seifert will be appointed as his successor. Coincident with this announcement, the board of directors of FB Corporation promoted Seifert to President of the company.
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Shelley Seifert will take over as First Bank CEO in May 2019. (Photo: Business Wire)
Lathe informed the board of directors earlier this year that he will retire in July 2019, and the board selected Seifert to fill his role. She will take over responsibilities as CEO in May 2019.
“Since we opened our doors more than 100 years ago, First Bank has become known as the bank of choice for family-owned businesses, providing exceptional financial solutions that focus on our clients’ long-term goals and objectives,” said Seifert. “Tim has done a fantastic job helping create our strategic vision and leading the company during his time here, and I am honored to follow in his footsteps.”
Over the next several months, First Bank will work to transition Seifert into her new leadership role. Seifert joined First Bank in October 2014 as executive vice president and chief administrative officer, and was promoted to COO in August 2015. Her current responsibilities include overseeing retail banking, technology, operations, human resources and marketing, among others.
Prior to her position at First Bank, Seifert served as executive vice president of integrations and operations at PNC Financial Services in Pittsburgh.
“Shelley has been crucial to First Bank’s growth and overall success these past few years,” said Lathe. “She is an outstanding leader who understands our business, clients and communities, and she will take this company to even greater heights. Shelley is the best person for the job.”
Lathe was hired as the bank’s president and CEO in April 2013. Under Lathe’s guidance, First Bank strengthened its executive leadership team with strategic acquisitions including Seifert as well as Executive Vice President of Commercial Banking Rick Sems, Director of Wealth Management Gene Todd, and more.
“On behalf of the Dierberg family and the board, I would like to thank Tim for his invaluable leadership and significant contributions to First Bank," said Michael Dierberg, chairman of the board. "Under his leadership, we have achieved greater focus as a company, strengthened our values and our commitment to the clients and the communities we serve, and assembled one of the best teams in the industry. Tim will be missed, but he has ensured that we will be well positioned for the future with Shelley as our CEO. We are very excited about the company’s prospects for continued success under Shelley’s leadership.”
For more information about First Bank, visit www.firstbanks.com.
About First Bank
As a family-owned business for four generations, First Bank offers the stability and experience with long-term planning that helps businesses and the communities in which they operate grow and thrive. With $6.1 billion in assets and 94 locations throughout California, Missouri and Illinois, First Bank has developed a relationship-driven approach to offer comprehensive solutions for clients in commercial and consumer banking, wealth management, mortgage banking and more. For information, visit www.firstbanks.com.
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Contacts:
Mike Wilmering, 314-721-8121
mike.wilmering@omalleyhansen.com
