RALEIGH, N.C., Jan. 09, 2023 (GLOBE NEWSWIRE) -- Integrated Financial Holdings, Inc. (OTCQX: IFHI) (the “Company” or “IFHI”), in conjunction with West Town Bank & Trust (“West Town Bank”), today announced with great sadness that the Company’s President and Chief Executive Officer, Eric John Bergevin, tragically passed away in a plane crash on Saturday, January 7, 2023. Eric was a passionate aviator who will be remembered as an incredible friend, colleague, leader and most importantly, husband and father. In his professional life, Eric was a larger-than-life visionary with extraordinary drive, entrepreneurship experience and banking intellect. Under his leadership, West Town Bank was transformed from a traditional community bank into a forward-thinking, dynamic financial services organization that excelled in many areas where most banks of similar size did not.
Marc McConnell, Chairman of the IFHI Board of Directors, issued the following statement, “This is an unfathomable loss to comprehend. Eric was a great friend to so many, a loving father and husband, a respected member of the banking industry and a beloved member of the Edenton community. On behalf of our Board of Directors and employees, we extend our deepest sympathies to the Bergevin family during this extremely difficult time.”
At the board’s direction Chairman McConnell will become acting President and Chief Executive Officer of IFHI. Mr. McConnell has served as the Chairman of the organization for over a decade. In addition, Melissa Marsal, EVP/Chief Operating Officer of West Town Bank and IFHI, has also been appointed to the role of President and Chief Executive Officer of West Town Bank. The IFHI Board of Directors is confident these individuals, along with the entire executive management team, will work closely together to ensure that day-to-day operations continue without interruption and that the previously announced merger with MVB Financial Corp. remains on track.
About Integrated Financial Holdings, Inc.
Integrated Financial Holdings, Inc. is a financial holding company based in Raleigh, North Carolina. The Company is the holding company for West Town Bank & Trust, an Illinois state-chartered bank. West Town Bank provides banking services through its full-service office located in the greater Chicago area. The Company is also the parent company of Windsor Advantage, LLC, a loan service provider that offers community banks and credit unions with a comprehensive outsourced U.S. Small Business Association (“SBA”) 7(a) and U.S. Department of Agriculture (“USDA”) lending platform. The Company is registered with and supervised by the Federal Reserve. West Town Bank’s primary regulators are the Illinois Department of Financial and Professional Regulation and the FDIC.
For more information, visit https://ifhinc.com/.
Important Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements with respect to the financial condition, results of operations, and business of the Company, as well as regarding the announced merger with MVB. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of the Company and on the information available to management at the time this release was prepared. These statements can be identified by the use of words such as "expect," "anticipate," "estimate," "believe," variations of these words, and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interest rates, deposit flows, loan demand, and asset quality, including real estate and other collateral values; changes in Small Business Administration rules, regulations, or loan products, including the section 7(a) program; changes in other government guaranteed loan programs or our ability to participate in such programs; changes in tax law, including the impact of such changes on our tax assets and liabilities; future governmental shutdowns that may impact revenues associated with our lending and other operations that are dependent on government guaranteed loan programs; changes in banking regulations and accounting principles, policies, or guidelines; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with the Company’s acquisition and divesture activities or the Company’s planned merger with MVB Financial Corp. (“MVB”); that the unexpected death of our President and Chief Executive Officer may impact our day-to-day operations, or our planned merger with MVB, in ways that we do not currently expect; the impact of our strategic initiatives, including our planned merger with MVB, on our ability to retain key employees; the possibility that the proposed merger with MVB will not close when expected or at all because required regulatory, shareholder or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all; the possibility that the anticipated benefits of the proposed merger with MVB will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where the Company and MVB do business; adverse results (including judgments, costs, fines, reputational harm, financial settlements and/or other negative effects) from current or future litigation, regulatory proceedings, investigations, or similar matters, or developments related thereto; and the impact of competition from traditional or new sources, including non-bank financial service providers, such as Fintechs. These, and other factors that may emerge, could cause decisions and actual results to differ materially from current expectations. The Company assumes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.
Contact:
Steve Crouse
919-861-8018
steve@ifhinc.com
