After 14 years of feeding the insatiable Prisby family at the expense of its own health and prospects, the bank has healed remarkably under the care of more ethical managers. So much so that it has attracted a fine suitor and will soon be merging with First Merchants Corporation of Muncie, IN (FRME).
Disclosure: As of this posting, I own shares of CITZ and may subsequently either dispose of them or purchase more.
One year after our May 2012 review of the bank, CITZ surprised us by agreeing to be bought by First Merchants Corporation, Muncie, IN (FRME), a prospective buyer we hadn't anticipated.
(as of 6/30/2013)
Robert Ross, Chairman
Daryl Pomranke, President, CEO, COO
Jerry Weberling, Executive VP, CFO
No doubt, I owe a few people a big shout out and "Thank You" on behalf of all CITZ shareholders. Congratulations are due to two folks, in particular.
Thank you, Daryl! The bank under Daryl Pomranke's leadership is no longer the anorexic, poorly performing, nepotist institution it was under Prisby family management. Pomranke deserves credit for:
Thank you, John! Clearly, CFS Bancorp's future got brighter the minute shareholders elected John Palmer of PL Capital to the CFS Bancorp board. Palmer deserves acknowledgment for:
No thanks to you, Prisby clan! Who knows what CFS Bancorp could have been on its own, had you respected your fiduciary responsibilities and not treated it as your personal piggy bank?