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Posted 13 October, 2022

Finwise Bancorp appointed new CEO

CEO Change detected for ticker Nasdaq:FINW in a 8-K filed on 13 October, 2022.


  On October 6, 2022, the Board appointed Mr. Kent Landvatter, the Company's President and Chief Executive Officer, as Chairman of the Board and Mr. Howard I. Reynolds, the Vice Chairman of the Board, as Lead Independent Director, in each case in addition to their respective current positions with the Company.  

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Overview of Finwise Bancorp
Financial Services • Banking
FinWise Bancorp is a bank holding company, which engages in the provision of consumer banking and lending services through its subsidiary, FinWise Bank. The company was founded in 2002 and is headquartered in Murray, UT.
Market Cap
$114M
View Company Details
Relevant filing section
Item 5.02 
Departure of Directors or Certain Officers; Election of Directors.


On October 6, 2022, Mr. Healey, who served as Chairman of the Board, resigned from the Board, including the Audit, Compensation and Nominating & Corporate Governance Committees of the Board, for health reasons.


On October 6, 2022, the Board elected Mr. Alan Weichselbaum as a Class I director to fill the vacancy created as a result of Mr. Healey's resignation. Mr. Weichselbaum previously served as a member of the Board from May 19, 2015 through May 7, 2021. Following Mr. Weichselbaum's resignation from the Board on May 7, 2021, the Company and Mr. Weichselbaum entered into a secured promissory note, dated as of August 6, 2021 (the "2021 Note"), pursuant to which Mr. Weichselbaum borrowed $143,410 in principal amount from the Company to pay an aggregate exercise price of the same amount for his exercise of stock options to purchase an aggregate of 30,000 shares of the Company's common stock on August 6, 2021. The 2021 Note had an interest rate of 3% per annum and a maturity date of June 1, 2022 and was secured by a security interest in such shares pursuant to a related security agreement. Between 2018 and 2021, stock options for 9,000 and 12,000 of such shares were granted to Mr. Weichselbaum under the Company's 2016 Stock Option Plan and 2019 Stock Option Plan, respectively, and stock options for an additional 9,000 of such shares were separately granted to him as non-qualified stock options during his prior period of service as a director of the Company for such service. The stock options had exercise prices ranging from $2.36 to $6.67 per share. Subsequent to the entry into the 2021 Note, the Company and Mr. Weichselbaum entered into a new secured promissory note, dated as of June 1, 2022 (the "2022 Note"), with the same principal amount as the 2021 Note. Mr. Weichselbaum used the proceeds of the 2022 Note borrowed from the Company to repay in full the 2021 Note. The 2022 Note has an interest rate of 4% per annum and a maturity date of December 31, 2022 and is secured by a security interest in such 30,000 shares pursuant to a related security agreement. On June 1, 2022, in connection with the repayment in full of the 2021 Note and entry into the 2022 Note, the Company received $3,524 in interest payments under the 2021 Note and a $2,868 renewal fee from Mr. Weichselbaum. Except for the repayment in full of the 2021 Note described above, there have been no repayments of principal under the 2021 Note and 2022 Note.


On October 6, 2022, the Board appointed Mr. Kent Landvatter, the Company's President and Chief Executive Officer, as Chairman of the Board and Mr. Howard I. Reynolds, the Vice Chairman of the Board, as Lead Independent Director, in each case in addition to their respective current positions with the Company.


On October 6, 2022, the Board also appointed James Noone as the Chief Strategy Officer & Chief Credit Officer and Executive Vice President of FinWise Bank, a wholly owned subsidiary of the Company (the "Bank"). Mr. Noone previously served as the Bank's Chief Credit Officer and Executive Vice President.