Bank’s president plans to step down in May 2015
EDWARDSVILLE — Thomas E. Holloway, president and chief executive officer of the Bank of Edwardsville, has announced plans to retire on May 29, 2015.
“It’s been a tremendous honor and privilege to work with the wonderful people at this great institution,” said Holloway, who became only the 12th president in the bank’s 146-year history when hired in April of 2005. “Time sure does pass quickly, and I know the next nine months will as well. But I truly feel that it will be the right time for me. I never planned to work forever, and I’m turning 65 years old next year. I’m ready for the next phase of my life.”
Robert Plummer, chairman of the bank’s board, said Holloway’s retirement plans is not a surprise.
“When we went through the process of hiring Tom nearly 11 years ago, it was clear that he was looking to work another eight to 10 years, and next year will be his 10th as president and CEO of our bank,” he said. “Of course, we would like for Tom to stay another 20 years. He’s been a great leader and a tremendous asset to the bank. But we also understand his decision to want to spend more time with his family and enjoy the next part of his life. We wish him nothing but success and happiness in retirement.”
Mark Shashek, chairman of the bank’s holding company, The Banc Ed Corp., said a search committee has been established to find a replacement, with the goal of having someone in place to work with Holloway during his last few months to ease the transition.
“We’ve started the process and we’re going to be interviewing a number of candidates, both internal and external,” Shashek said. “We want someone who understands the culture and the values of not only our company, but also the values of the people in the communities we serve.”
A graduate of Southern Illinois University Carbondale with a bachelor’s in mathematics and an MBA in finance, Holloway began his banking career in 1974 at First Granite City National Bank, where he was elected president in 1984. He served in that capacity until the bank was acquired in 1988 by Magna Group, Inc., a Belleville-based banking holding company. He then served Magna Bank and its successor, Union Planters Bank, as president and CEO from 1991 until taking over as president and CEO of the bank in 2005.
During his term as president, the Bank of Edwardsville grew from 14 to 18 locations while its assets have grown each year, rising from just over $1 billion in 2005 to more than $1.6 billion today. Meanwhile, The Investor Group at the bank, its trust and financial services division, grew from $600 million to over $1 billion in assets during his tenure, which included the recent recession years.
“There have certainly been some rather unique challenges along the way,” Holloway said. “But there is a great group of people working at the bank and a great management team in place, so I’m confident that the success we’ve shared over the past 10 years will continue well into the future.”
In retirement, Holloway said he plans to spend time with his family, including his wife of 35 years, Lisa, their three children and one grandchild.