Stack Family Member Joins SFC Bank Board
Springfield First Community Bank this morning announced the addition of a new board member: Tim Stack, Executive Vice President of SRC Holdings Corp.
Stack has held multiple operations and leadership roles at SRC over the past 13 years.
Stack joins eight other board members, led by Chairman Jim Anderson, according to the bank's website. SFC Bank in December announced the retirements of founding board members Charlie O'Reilly and Noel Boyd; they're both now listed as board emeritus. CEO Rob Fulp confirmed this morning Stack is replacing O’Reilly on the board. O'Reilly's son, Tim O'Reilly, also is a board member for SFC Bank. Fulp declined to say whether the bank currently is seeking a successor for Boyd’s board role.
Stack has worked for the SRC family of companies since 2007, according to a news release.
"His experience in the local manufacturing business landscape that focuses on innovation and open-book management styles will be a tremendous asset to our bank as we look toward the future,” Fulp said in the release.
Stack will help govern a banking company with $745.5 million in assets and $564.7 million in deposits, as of June 30. SFC Bank's first quarter net income grew to $2.2 million from $1.7 million a year earlier, according to the latest available data from the Federal Deposit Insurance Corp.
SFC Bank's parent company, Moline, Illinois-based QCR Holdings Inc. (Nasdaq: QCRH), this week reported second quarter net income of $13.7 million, a 1.5% increase from a year earlier.
