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Posted 19 October, 2022

MidWestOne Financial Group, Inc. appointed Charles (Chip) N. Reeves as new CEO

Nasdaq:MOFG appointed new Chief Executive Officer Charles (Chip) N. Reeves in a 8-K filed on 19 October, 2022.


  On October 19, 2022, MidWestOne Financial Group, Inc. (the "Company") announced that it has appointed Charles (Chip) N. Reeves to serve as the Chief Executive Officer of the Company and MidWestOne Bank, its wholly owned bank subsidiary (the "Bank"), effective November 1, 2022.  

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Overview of MidWestOne Financial Group, Inc.
Financial Services • Banking
MidWestOne Financial Group, Inc. is a financial holding company, focuses on delivering relationship-based business and personal banking products and services through its bank subsidiary, MidWestOne Bank. The Bank provides commercial loans, real estate loans, agricultural loans, credit card loans, and consumer loans. It also provides deposit products including demand and interest checking accounts, savings accounts, money market accounts, and time deposits. The Bank also provides products and services including treasury management, Zelle, online and mobile banking, debit cards, ATMs, and safe deposit boxes. It offers its products and services primarily through its full-service branch network, including 34 branches located throughout central and eastern Iowa, 13 branches located principally in the Minneapolis-St. Paul metropolitan area of Minnesota, seven branches in western Wisconsin, one branch in each of Naples and Fort Myers, Florida, and one branch in Denver, Colorado. MidWestOne Financial Group was founded in 1983 and is headquartered in Iowa City, IA.
Market Cap
$347M
View Company Details
MidWestOne Financial Group, Inc. by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 19, 2022, MidWestOne Financial Group, Inc. (the "Company") announced that it has appointed Charles (Chip) N. Reeves to serve as the Chief Executive Officer of the Company and MidWestOne Bank, its wholly owned bank subsidiary (the "Bank"), effective November 1, 2022. Len Devaisher, who has been serving as the Company's and the Bank's interim Chief Executive Officer and President, will continue to serve as the President of both entities. Effective November 1, 2022, Charles N. Funk, who has served as the Chief Executive Officer of the Company since 2008 and of the Bank since 2000, will step down from those positions and will serve as a special advisor to Mr. Reeves through April 2023. Mr. Funk will also continue to serve on the boards of directors of the Company and the Bank.


Appointment of Mr. Reeves. Mr. Reeves, age 54, has served in the banking industry for 32 years. He most recently served as President and Chief Executive Officer of Beach Bancorp, Inc. and its banking subsidiary, Beach Bank. Beach Bank was a community bank headquartered in Fort Walton Beach that was acquired in 2022. Prior to Beach Bank, Mr. Reeves served as President and Chief Operating Officer of the Bank of the Cascades, a $3.2 billion bank headquartered in Bend, Oregon, which was acquired in 2017.


On October 18, 2022, the Company and Mr. Reeves entered into an employment agreement, the form of which is substantially similar to the employment agreements entered into with the other executive officers of the Company. The agreement will be effective November 1, 2022 and provides Mr. Reeves with an annual base salary of $625,000, minimum annual target incentive award opportunities and certain employee and fringe benefits. Mr. Reeves will receive a 2022 incentive bonus of $62,500 and an initial award of restricted stock units with a grant date value of $250,000. On the Company's next regularly scheduled grant date in 2023, he will also receive an additional restricted stock units award with a grant date value of $325,000, split equally between time-vested and performance-vested units. Mr. Reeves will also be eligible to receive ongoing equity awards in the ordinary course. The employment agreement provides for an initial three-year term, subject to automatic renewals. 


There are no family relationships between Mr. Reeves and any of the Company's directors or executive officers. There is no arrangement or understanding between Mr. Reeves and any other person pursuant to which he was selected as an officer and director, nor is the Company aware of any related-person transaction or series of transactions required to be disclosed under Item 404(a) of Regulation S-X promulgated under the Securities Exchange Act of 1934, as amended.


The foregoing description of the employment agreement between the Company and Mr. Reeves is qualified in its entirety by the text of the employment agreement, attached hereto as Exhibit 10.1.


Mr. Funk's Retirement. Mr. Funk will step down as Chief Executive Officer of the Company and the Bank, effective November 1, 2022. The Company and Mr. Funk anticipate entering into a letter agreement to amend his current employment agreement that will provide for, among other things, his service as the Company's "Special Advisor to the CEO" until his retirement in April 2023.


Mr. Funk will continue to serve as a director of the Company and the Bank following November 1, 2022.


The Company will file any letter agreement in a future filing.


Director Retirement and Appointment. In connection with his service as Chief Executive Officer, Mr. Reeves has also been appointed to the boards of directors of the Company and the Bank, effective November 1, 2022. He will serve as a Class I director at the Company, which term expires at the 2023 annual meeting of shareholders. Mr. Reeves will fill the vacancy created by the retirement of Douglas K. True, who announced his retirement on October 18, 2022, which will be effective on November 1, 2022. Mr. True's retirement was not due to any disagreement with the Company.