BISMARCK, N.D., July 24, 2013 /PRNewswire/ -- BNCCORP, Inc.
(BNC or the Company) (OTC Markets: BNCC), is saddened to announce
that the Company's President and Chief Executive Officer,
Gregory K. Cleveland, passed away
yesterday after a sudden illness. The Company's Board of
Directors has appointed Chief Financial Officer Timothy J. Franz to succeed Mr. Cleveland as
President and CEO of BNCCORP on an interim basis.
Tracy J. Scott, Chairman of the
BNCCORP Board of Directors, said, "Greg
Cleveland co-founded BNC with me, and infused the Company
with deeply-held values of integrity, a strong sense of right and
wrong, great compassion and loyalty, and a solid commitment to
family and community. He was a trusted colleague, a
successful entrepreneur, and an example of what is best in American
business. Greg had the vision to establish BNC and the steady
hand to guide the bank through good and bad times. He will be
greatly missed."
Mr. Scott added, "In appointing Tim
Franz as President and CEO on an interim basis, the Board of
Directors has shown its commitment to ensure strong, experienced
leadership for BNCCORP to continue the Company's strategies, growth
trajectory and record of service to customers and the community."
Gregory Cleveland, age 65, served
as an executive officer and director of BNC since he and
Tracy Scott founded BNC in 1987. Mr.
Cleveland has served as President of BNC since March 1995 and as Chief Executive Officer since
November 2000. He served as Chief
Financial Officer of BNC from February
1994 to January 1998 and as
Chief Operating Officer from January
1998 to November 2000. Mr. Cleveland is survived by
his wife Jackie; two daughters, Britt and Shawn, and one
grandchild.
Timothy J. Franz, 55, a Certified
Public Accountant (Inactive), has served as Chief Financial
Officer of BNCCORP, INC. and BNC National Bank since 2006.
Mr. Franz started his professional career at KPMG LLP in 1983, and
was a partner at KPMG from 1997 to 2003. During his tenure at KPMG
he focused on the financial services industry and served Wells
Fargo, TCF Bank and several community banks. Mr. Franz has
served on BNC National Bank's Board of Directors since 2006 and on
BNCCORP, INC.'s Board of Directors since 2013. He has been
active in several of BNC's operating committees since joining
BNC.
About BNCCORP, Inc.
BNCCORP, INC., headquartered in Bismarck, N.D., is a registered bank holding
company dedicated to providing banking and wealth management
services to businesses and consumers in its local markets. The
Company operates community banking and wealth management businesses
in Arizona, Minnesota and North
Dakota from 14 locations. BNC also conducts mortgage banking
from 11 offices in Illinois,
Kansas, Nebraska, Minnesota, Arizona and North Dakota.
This news release may contain "forward-looking statements"
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 with respect to the
financial condition, results of operations, plans, objectives,
future performance and business of BNC. Forward-looking statements,
which may be based upon beliefs, expectations and assumptions of
our management and on information currently available to management
are generally identifiable by the use of words such as "expect",
"believe", "anticipate", "plan", "intend", "estimate", "may",
"will", "would", "could", "should", "future" and other expressions
relating to future periods. Examples of forward-looking statements
include, among others, statements we make regarding our belief that
we have exceptional liquidity, our expectations regarding future
market conditions and our ability to capture opportunities and
pursue growth strategies, our expected operating results such as
revenue growth and earnings, and our expectations of the effects of
the regulatory environment on our earnings for the foreseeable
future. Forward-looking statements are neither historical
facts nor assurances of future performance. Our actual
results and financial condition may differ materially from those
indicated in the forward-looking statements. Therefore, you
should not rely on any of these forward-looking statements.
Important factors that could cause our actual results and financial
condition to differ materially from those indicated in the
forward-looking statements include, but are not limited to: the
impact of current and future regulation; the risks of loans and
investments, including dependence on local and regional economic
conditions; competition for our customers from other providers of
financial services; possible adverse effects of changes in interest
rates, including the effects of such changes on mortgage banking
revenues and derivative contracts and associated accounting
consequences; risks associated with our acquisition and growth
strategies; and other risks which are difficult to predict and many
of which are beyond our control. In addition, all statements in
this news release, including forward-looking statements, speak only
of the date they are made, and the Company undertakes no obligation
to update any statement in light of new information or future
events.
SOURCE BNCCORP, Inc.