Bank Mutual CEO to Retire in July

By Chris Cumming February 25, 2013, 9:25 a.m. EST 1 Min Read

The chief executive at Bank Mutual (BKMU) in Brown Deer, Wis., is stepping down after 45 years with the company.

Michael Crowley Jr. will also retire as the chief executive of the $2.4 billion-asset company's bank on July 1, the company said Friday in a filing with the Securities Exchange Commission. He will remain chairman.

David Baumgarten, the company's president, will succeed Crowley. Baumgarten, who has been Bank Mutual's president since 2010, will retain that post.

Crowley, the son of Bank Mutual's founder, has worked for the bank since 1967, according to the Milwaukee Business Journal, which first reported on his retirement.

Crowley and Baumgartner told American Banker last year that they hoped to make Bank Mutual a "much larger company" through acquisitions.

Chris Cumming

MORE FROM AMERICAN BANKER

Treasury Department

Bessent to be Treasury nominee, Trump taps Turner for HUD

Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.

By Kyle Campbell

3h ago
Artificial intelligence

Fed's Bowman: Regulators 'must have an openness' to AI

While the risks, benefits and magnitude of artificial intelligence's impact on financial services remain unclear, agencies should keep an open mind toward the technology and avoid reflexive risk aversion in bank supervision, Federal Reserve Gov. Michelle Bowman said.

By John Heltman

8h ago
Succession planning

First Foundation's new CEO has history of priming banks to sell

The Dallas bank's new CEO, Thomas Shafer, served in top roles at a number of banks that were subsequently acquired before he stepped away from the industry in 2022.

By Catherine Leffert

9h ago
Federal Reserve

Fed: Elevated asset valuations could threaten financial stability

In its latest financial stability report, the Federal Reserve warned high equity valuations and low levels of liquidity could leave the financial system vulnerable to shocks.

By Kyle Campbell

10h ago
SBA

A small-dollar business lending scheme finds a niche at Huntington

The Columbus, Ohio-based regional launched Lift Local Business in October 2020 with a $25 million ceiling. Four years and $133 million later, the program is still going strong.

By John Reosti

11h ago
Payments

JPMorgan Chase, Mastercard sell crypto-style B2B payment tech

The bank and payment company are using the technology that underpins digital assets to improve interoperability for international transactions, a major point of friction in trade finance.

By John Adams

November 22