SARASOTA, Fla., May 16, 2007 (PRIME NEWSWIRE) -- First State Bank, a $429-million bank with locations in Pinellas and Sarasota counties, has announced the promotion of Michael K Worthington to Division President - Sarasota County. Worthington brings decades of finance and banking experience to the position.
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"Michael's history with this organization dates back to 1991," said Jed Wilkinson, President and CEO of First State Bank. "He has lead our commercial lending division to new heights and I'm thrilled to announce his promotion to Division President - Sarasota County. In this new role, he will be able to leverage his strong community ties to create new opportunities for the bank and for his customers."
Worthington first joined the bank in early 1991 and stayed until 1999. In 2001, he returned as senior vice president/senior lender until he was named executive vice president in 2003. Currently, he chairs the IT Steering Committee at First State Bank and serves on the bank's Asset Liability Management Committee (ALCO), which monitors interest rates and formulates strategies to help manage the bank's interest rate margin.
Worthington has held senior management and senior lender positions at NCNB, Amerifirst Savings & Loan, Florida Federal Savings & Loan Association, C&S Bank and People's Community Bank of the West Coast. Worthington was also principal of Worthington Consulting, Inc., which assisted clients in financial planning and reviewing commercial real estate projects.
"I am excited to take on this new leadership position at First State Bank," said Worthington. "Sarasota is one of the nation's top markets for small businesses, and helping small businesses grow is one of the key functions of a community bank. We're excited about the opportunities that are emerging in our area."
Worthington's appointment follows an organizational restructuring that included the promotion of Wilkinson to President and CEO of the bank and the addition of newly-created president-level positions in Sarasota and Pinellas. David Ruppel was named Division President - Pinellas County.
"The board felt it was important to place fully-empowered bank presidents north and south of Tampa Bay in order to provide expanded access and localized decision-making for our customers," Wilkinson said.
Worthington is heavily involved in the Sarasota community. He is active in the Greater Sarasota Chamber of Commerce and the Economic Development Corporation. He also serves as president and elder of the South Venice Christian Church and treasurer of the Kiwanis Club of the Gulf Coast. He is also a member of the Gulf Coast Builders Exchange and active in Sarasota's Tiger Bay Club. He is a graduate of the University of Florida and the Graduate School of Banking at Louisiana State University.
First State Financial Corporation (Nasdaq:FSTF) is the holding company for Sarasota, Florida-based First State Bank (www.firststatefl.com). First State operates six full-service banking centers, three in Pinellas County and three in Sarasota County. With more than $429 million in assets, it is the fifth largest bank headquartered in the Tampa Bay market.
Except for historical information contained herein, this news release contains comments or information that constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve significant risks and uncertainties. Actual results may differ materially from the results discussed in the forward-looking statements.
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