WEST BEND, Wis., July 16, 2015 /PRNewswire/ -- Westbury
Bancorp, Inc. (NASDAQ: WBB) - The Board of Directors of
Westbury Bancorp, Inc. (the "Company") appointed Greg J. Remus Chief Executive Officer (CEO) of
the Company and its subsidiary, Westbury
Bank (the "Bank"), effective October
1, 2015. Remus will succeed Ray
Lipman who will be stepping down as Chief Executive Officer
for the Company and the Bank. Lipman will continue to serve as
Chairman of the Board for the Company and the Bank and will focus
on corporate governance, strategic planning and growth
opportunities.
The actions by the Board of Directors continue the management
succession plan put in place several years ago. In January 2014, Remus was named Chief Operating
Officer and in January 2015, he was
named President of both the Company and the Bank. Remus has been an
officer of the Bank since August
2009, and served in a number of positions of the Bank since
that time. Prior to joining Westbury
Bank, Remus had 18 years of commercial banking experience
with a number of commercial banks.
In 2012, the Board of Directors made a strategic decision to
aggressively transform the Bank's operations to a community
commercial business bank. This most recent promotion of Remus to
CEO is the final step for Westbury's transformation. This change is
reflected in the Bank's current balance sheet, with its loan
portfolio consisting of 65% business loans vs. 35% retail loans,
and a deposit structure of nearly 80% transaction accounts.
"We have improved the overall financial performance of our
business during this transition," said Remus. "We will continue to
execute our strategy to grow and improve our economic status."
The Company and Bank's strategic focus as a community commercial
banking model also resulted in the Board of Directors creating
three new senior management positions effective as of October 1, 2015. Kirk
Emerich was named Executive Vice President - Chief Financial
Officer and Investor Relations. Glenn
Stadler was named Executive Vice President - Chief
Commercial Lending Officer. Peter
Lee was named Executive Vice President - Chief Community
Banking Officer.
Emerich, who has over 25 years of experience in financial
reporting and banking, will be responsible for investor relations,
enterprise risk management and all financial matters and will
continue to serve as Chief Financial Officer. Stadler, who has over
25 years business banking experience, will be responsible for
developing and managing business banking relationships, overall
production of business lending, cash management services and
commercial deposit growth. Lee, in his expanded role, will be
responsible for overall retail lending including sales production
of all retail products in our branch network and has retail banking
experience of over 30 years.
"Our management team remains focused on improving the bank and
achieving its potential to be the best bank in Wisconsin," Remus stated.
About Westbury Bancorp, Inc.
Westbury Bancorp, Inc. is the holding company for Westbury Bank. The Company's common shares
are traded on the Nasdaq Capital Market under the symbol "WBB".
Westbury Bank is an independent
community bank with over $625 million
in assets. Westbury Bank
serves communities in Washington,
Waukesha and Outagamie Counties through its eight full
service branches and one loan production office providing deposit
and loan services to individuals, professionals and businesses
throughout its markets.
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SOURCE Westbury Bancorp, Inc.