Allegiance Bancshares, Inc. (NASDAQ:ABTX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers
After approval by the Board of Directors of Allegiance Bancshares, Inc. (the “Company”) on October 24, 2019, the Company announced a plan of succession in which Steven F. Retzloff, age 63, the President of the Company since its founding in 2008, will be promoted to Chief Executive Officer, effective January 1, 2020, succeeding George Martinez in the role. Mr. Retzloff will continue to serve as Chairman of Allegiance Bank (the “Bank”), a position he has held since the Bank’s founding in 2007. Mr. Martinez, age 77, will continue to serve as Chairman of the Company’s Board of Directors in 2020. In addition, Mr. Martinez will retire as Chief Executive Officer of the Bank and assume the role of Vice Chairman of the Bank on January 1, 2020.
As part of the plan of succession, the Company also announced that Ramon A. Vitulli, III, age 51, Executive Vice President of the Company since 2014, will be promoted to President of the Company, succeeding Mr. Retzloff, effective January 1, 2020. In addition, effective January 1, 2020, Mr. Vitulli will be promoted from President and Chief Operating Officer, positions which he has held since 2013 and 2017, respectively, to Chief Executive Officer of the Bank.
Okan I. Akin, age 49, Executive Vice President and Chief Risk Officer of the Company and the Bank, will succeed Mr. Vitulli in the office of President of the Bank effective January 1, 2020, serving as both President and Chief Risk Officer. Mr. Akin will continue to serve as Executive Vice President and Chief Risk Officer of the Company, a role to which he was elected in January 2019 after serving over three years as the Executive Vice President and Chief Administrative Officer of the Bank.
No material plan, contract, or arrangement was entered into or materially amended in connection with the appointments to the offices noted above and there was no grant or award to any of the executives or modification thereto under any such plan, contract, or arrangement in connection with such appointments. No officer named herein (i) has a family relationship with any director or other executive officer of the Company or any person nominated or chosen by the Company to become a director or executive officer; (ii) is a party to any related person transaction with the Company; or (iii) has an arrangement or understanding with any other person to which he was appointed to such office(s).
Item 9.01Financial Statements and Exhibits
(d) Exhibits.The following is filed as an exhibit to this Current Report on Form 8-K:
Allegiance Bancshares, Inc. Exhibit
EX-99.1 2 abtx-ex991_20.htm EX-99.1 abtx-ex991_20.htm Exhibit 99.1 PRESS RELEASE Allegiance Bancshares,…
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About Allegiance Bancshares, Inc. (NASDAQ:ABTX)
Allegiance Bancshares, Inc. is a bank holding company. Through its subsidiary, Allegiance Bank (the Bank), the Company provides a range of commercial banking services primarily to Houston metropolitan area-based small to medium-sized businesses, professionals and individual customers. In addition to banking during normal business hours, the Company offers extended drive-in hours, automated teller machines (ATMs) and banking by telephone, mail and Internet. The Company also provides debit card services, cash management services and wire transfer services, and offers night depository, direct deposits, cashier’s checks, letters of credit and mobile deposits. It also offers safe deposit boxes, automated teller machines, drive-in services and round the clock depository facilities. The Company maintains an Internet banking Website that allows customers to obtain account balances and transfer funds among accounts.
