BELOIT, Wis.--(BUSINESS WIRE)--Blackhawk Bancorp, Inc. (OTCQX: BHWB) reports that four members of the Company’s board of directors were re-elected to three year terms. At the annual meeting of shareholders held on May 20, 2015 David K. Adkins, Stephen P. Carter, Diane M. Hendricks and Stephen R. Thomas were each re-elected to terms that expire in 2018. The company’s directors are on staggered terms with approximately one-third of the board of directors being elected each year. The four directors that were re-elected along with Thomas L. Barnes, Prudence A. Harker, G. Curtis Lansbery, Eric R. Anderberg, R. Richard Bastian, James D. Metz and Steve A. Ceroni make up the board of directors of the company and its subsidiary Bank, Blackhawk Bank.
“We are fortunate to have such a qualified and supportive group of directors overseeing the development and implementation of our business strategies and the corporate governance of Blackhawk,” said Rick Bastian, the company’s chairman & CEO. “They work very well with our talented management team and have been instrumental in guiding the company through the last several years of economic uncertainty,” he added.
The Company’s chief financial officer, Todd James, gave a financial update at the shareholder meeting, which highlighted significant accomplishments including growth in core earnings driven by modest loan and deposit growth, improved credit quality and expense control; the redemption of the Company’s TARP securities; and creation of shareholder value by reinstating a dividend and generating an increase in the trading price of the Company’s common stock.
In addition to the election of directors, shareholders ratified the appointment of Plante & Moran, PLLC as the company’s public accounting firm for the year ending December 31, 2015.
About Blackhawk Bancorp
Blackhawk Bancorp, Inc. is headquartered in Beloit, Wisconsin and is the parent company of Blackhawk Bank, which operates eight banking centers in south central Wisconsin and north central Illinois, along the I-90 corridor from Belvidere, Illinois to Janesville, Wisconsin. Blackhawk’s locations serve individuals and small businesses, primarily with fewer than 200 employees. The company offers a variety of value-added consultative services to small businesses and their employees related to its banking products such as health savings accounts and investment management.
Forward-Looking Statements
When used in this communication, the words “believes,” “expects,” and similar expressions are intended to identify forward-looking statements. The company’s actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions; success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which Blackhawk or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of “critical accounting policies”; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the company or its customers.
Further information is available on the Company’s website at www.blackhawkbank.com.