EDWARDSVILLE — Kevin Powers has begun his duties as the 13th president and chief executive officer of The Bank of Edwardsville.
“I did a lot of research on The Bank of Edwardsville and found an institution with an incredibly rich, 147-year history and a culture and values that are closely aligned with mine. I also found a very stable, safe and strong financial institution with a reputation of customer and community service second to none in the area,” Powers said.
Powers, 59, and a native of Grand Forks, N.D., helped build Bremer Financial Corp. into a regional power in Minnesota and North Dakota.
He replaces Tom Holloway, who served as president and CEO for 10 years before announcing his retirement. Under Holloway’s leadership, the bank grew from 14 to 18 locations while its assets have grown each year, rising from just over $1 billion in 2005 to nearly $1.7 billion today.
Powers and his wife, Jean, have three grown children. He began his duties on March 2 and is relocating to the Edwardsville area.
Bank officials praised the work of Holloway.
“Tom has been a great leader and a tremendous asset, helping guide The Bank of Edwardsville to stable and continuous earnings during the past 10 years,” Chairman Robert Plummer said. “He served the bank and the local communities with honor and distinction, and we wish him nothing but the best in his retirement.”
A graduate of the University of North Dakota with a bachelor’s degree in economics, Powers began his banking career in 1979 at First Bank (U.S. Bank) in Edina, Minn., where he worked his way up to business banking manager before accepting a position as senior vice president and business banking manager at Bremer Bank in Brainerd, Minn., in 1991.
Following an independent bank acquisition by Bremer Bank in Grand Forks, Powers moved back home in 1993 to manage all aspects of the new location for the bank. Powers’ success in North Dakota prompted Bremer to expand in the state with a charter in the Fargo/Moorhead area, where he was named president and CEO. As president, Powers opened four offices in the market and turned the start-up operation into a highly successful venture with assets growing to $1.6 billion and 15 branches throughout North Dakota and northwest Minnesota.
Powers was named West Region president in 2004, and in 2010, was promoted to group president of the West Region, with the added duties as CEO of Bremer’s Twin Cities charter from 2010 to 2012. He most recently served as group president of Bremer’s West Region.