ALAMOGORDO, N.M., June 30, 2020 /PRNewswire/ -- Bancorp 34,
Inc. ("Bancorp 34") (NASDAQ: BCTF), the holding company for Bank
34, announced that James Crotty has
initially been appointed Co-President and Chief Executive Officer
of Bancorp 34 and Bank 34, effective July
20, 2020. Current President and Chief Executive
Officer Jill Gutierrez will remain
with Bancorp 34 and Bank 34 as Co-President and Chief Executive
Officer for a short period of time to assist with transition
matters.
Mr. Crotty is a Director at Keefe, Bruyette & Woods, Inc.
("KBW"), where he has spent the last 16 years of his career.
He has advised community banks on a variety of strategic
initiatives, with a primary focus on mergers and acquisitions, debt
and equity capital raising (including mutual to stock conversions
and initial public offerings), branch and asset purchases and
divestitures as well as overall strategic planning initiatives.
Mr. Crotty is a graduate of Miami
University in Ohio where he
majored in Management Information Systems with a minor in
Finance.
Mr. Crotty will work in Bank 34's Arizona regional headquarters in Scottsdale.
In making the announcement, Randall
Rabon, Chairman of Bancorp 34, stated, "We welcome
Jim Crotty to the team. Jim's
tremendous experience, both in the banking industry from an
investment banking standpoint, and in working with Bank 34 on
mergers and acquisitions and other strategic initiatives, make him
a terrific fit to lead our institution going forward. We are
confident that Jim is the right person at the right time to
continue our growth and enhance stockholder value."
Mr. Crotty stated, "I am honored and pleased to join Bank
34. I have been fortunate to work with this board and
management team for the better part of the past 10 years and hold
the utmost respect for the culture they have created under Jill's
leadership. The Bank remains strong, secure and well
positioned to embrace strategic growth opportunities as we leverage
an experienced and talented management team. I look forward
to working with the Board of Directors, Jill Gutierrez and the entire staff at the bank
as we strive to continue Bank 34's tradition of best in class
relationship community banking."
About Bancorp 34
Bancorp 34 is the holding company for
Bank 34. Bank 34 has four full-service community bank
branches, one each in Otero and
Dona Ana Counties in the cities of
Alamogordo and Las Cruces in southern New Mexico and two in Maricopa County, Arizona in the cities of
Scottsdale and Peoria. At
March 31, 2020, Bancorp 34 had
consolidated assets of $408.4 million
and stockholders' equity of $46.1
million.
Forward-Looking Statements
Certain statements herein
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
may be identified by words such as "believes," "will," "expects,"
"project," "may," "could," "developments," "strategic,"
"launching," "opportunities," "anticipates," "estimates,"
"intends," "plans," "targets" and similar expressions. These
statements are based upon the current beliefs and expectations of
Bancorp 34's management and are subject to significant risks and
uncertainties. Actual results may differ materially from those set
forth in the forward-looking statements as a result of numerous
factors. Factors that could cause such differences to exist
include, but are not limited to, general economic conditions,
changes in interest rates, the effects of any health pandemic,
regulatory considerations, competition and the other risks
described in the Company's Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q as filed with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this release. Forward-looking statements speak only as of
the date they are made, and we assume no obligation to update any
of these statements in light of new information, future events or
otherwise unless required under federal securities laws.
Contact: Jan R. Thiry
EVP/Chief Financial Officer
623.777.0570
BCTF@Bank34.com
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SOURCE Bancorp 34, Inc.