First Security Bank, Inc. Board of Directors announced this morning that Michael F. Beckwith, current Executive Vice President and Chief Financial Officer of First Security Bank, has been named as President and CEO effective January 1, 2016.
Beckwith will be replacing current President and Chief Executive Officer, M. Lynn Cooper, who will be retiring effective December 31, 2015.
“Mike is very talented and very capable of managing this company. We have worked together for nearly 7 years and I have the ultimate confidence in Mike’s leadership. Our succession plan is being implemented and is working as designed,” stated Cooper.
Chairman of the Board, James “Tab” Quisenberry, stated, “We wish Lynn well in his retirement. He has left us in a great position for our future. Lynn has led us through some difficult times with great success. He has helped us build a strong team and a strong franchise that will serve our communities and the shareholders well for years to come.”
Cooper joined First Security as President and CEO of the bank and the holding company in January 2007. He successfully guided the company through the most difficult economic times of the country in recent memory. Under his leadership the bank grew from two locations in Owensboro to 11 locations in six markets and two states with assets totaling in excess of $575 million.
A life-long banker, Cooper has had numerous leadership roles during his career. Some of his history includes CEO of his first bank at age 28, Executive V.P. of a bank holding company participating in growing the company from an $800 million community bank to an $8 billion company through 33 acquisitions in 13 years. Cooper, a graduate of the University of Evansville and LSU School of Banking of the South, resides in Newburgh, IN with his wife, Jerri.
First Security Bank, Inc. was formed in 1997 by local business people in Owensboro. The company currently has offices in Owensboro, Lexington, Bowling Green and Franklin, KY as well as Evansville and Newburgh, IN. The company’s stock trades as FIIT on over the counter.