Succeeding Montgomery as chairman of Montgomery Bancorporation Inc. will be Troy Wilson, the current chief executive officer of Montgomery Bank. Richard Montgomery remains chairman of Montgomery Bank.
This transition provides continuity of the Montgomery family's leadership and ownership, which has been in place for almost 50 years.
"We have experienced unparalleled growth under Troy's direction as the bank's CEO and I am confident he will continue to help guide the bank in his new role," Joel Montgomery Sr. stated.
Wilson has been president and chief executive officer of Montgomery Bank since 1988. Under his leadership, the bank's assets have grown significantly from $59 million to over $900 million. During this same time, the bank extended its reach from Southeast Missouri into Cape Girardeau, St. Louis and Southwest Florida. There are currently 16 locations with more planned. The bank is one of the largest privately held, family-owned banks in the Midwest. It employs over 220 people.
Wilson also announced the appointment of Kenneth A. Witbrodt, Jr. as Montgomery Bank's new chief executive officer.
Witbrodt brings over 20 years of vast industry experience to Montgomery Bank, most recently serving as the president and chief operating officer of Cass Bank in St. Louis "The decision to bring Ken on board allows us to use his proven experience and knowledge. He is a perfect match for Montgomery Bank and will enable us to continue to grow in our region," said Wilson.
In addition to the Witbrodt announcement, Wilson announced the promotion of James P. Limbaugh to the newly created position of president of Montgomery Bank's Commercial Banking Division. Limbaugh will be responsible for the management of the commercial lending activities for the entire bank. Limbaugh has served various capacities at Montgomery Bank since 2000.
Wilson noted that local branch and market management would not change. "Our regional president, Jeff Sutton, and local management will continue to operate within the same structure. We are proud of what Jeff has accomplished and the local leadership Jeff and his team provide."
Joel Montgomery Sr. acquired controlling interest of Planters Bank in 1957. Planters Bank was originally chartered in 1903 and centered its operation in Doniphan, Missouri. After gaining ownership, Montgomery renamed the bank First National Bank and moved the operation to Sikeston. In 2004, the bank was renamed Montgomery Bank to distinguish itself in the marketplace and to honor its founder, Joel Montgomery Sr.