Blackhawk Bancorp, Inc. Announces Retirement of Chairman and Promotion of Officers

BELOIT, WI / ACCESSWIRE / June 21, 2018 / Blackhawk Bancorp, Inc. (OTCQX: BHWB) reports that Rick Bastian, Chairman and CEO of both Blackhawk Bancorp and Blackhawk Bank, announced plans for his year-end retirement as an officer and director of Blackhawk. Bastian, who joined the Bank in 2001, is turning the reigns over to Todd James and Dave Adkins. James, 54, who has been Chief Financial Officer of the Bank and holding company since 2002, was elected Chief Executive Officer of Blackhawk Bancorp. Dave Adkins, 57, President and Chief Operating Officer of Blackhawk Bank and a fourteen-year veteran of the Bank, was appointed Bastian’s successor as CEO of the Bank. Adkins will remain President and Chief Operating Officer of Blackhawk Bancorp. Bastian will continue as Chairman of the Board and Director of the Blackhawk organization through year-end 2018.

In the new leadership structure, Todd James will assume leadership of all support functions and investor relations including Credit Administration, Technology and Operations, Human Resources, Marketing, Finance and Risk Management. Dave Adkins will assume leadership of client-facing functional groups including Business Banking, Personal Banking, Cash Management, Business Development and Education and the Blackhawk Investment Group. The Bank believes the new structure plays to leadership strengths and positions the Bank to take advantage of organic and strategic growth opportunities.

In announcing the changes, Bastian, who turns 72 this summer, remarked, ”This transition has been in the works for quite some time. I can’t think of a better time to be passing the baton to Todd and Dave. The competitiveness, performance, and strength of Blackhawk have never been better.” The Bank has earlier reported record results for both 2017 and the first quarter of 2018. Beloit-based Blackhawk was recognized by the Milwaukee Business Journal as one of the fastest growing public companies in Wisconsin. It received a Top 50 total return designation from the OTCQX. The banking company was also listed in the American Banker Journal as a top 200 bank among banks with less than $2 billion in assets.

”Todd and Dave have both been key contributors to the company’s success and the building of a culture unique among banks,” commented Bastian. ”The Board’s decision to promote from within is not only a vote of confidence in their leadership, but a clear and compelling commitment to the customer focus, entrepreneurial culture and strategic priorities that have guided us for so long,” he continued.

”Rick has successfully led Blackhawk through the most difficult era in banking in decades,” said Todd James. ”His creative, out-of-the-box approach has allowed us to break from traditional bank thinking in how we view our responsibilities to clients and employees,” he added.

”Rick’s consistent passion and support for manufacturing is well-known and has positioned Blackhawk as the bank for manufacturing in our markets,” commented Dave Adkins. Bastian was the 2011 recipient of the Rockford Chamber’s Business Catalyst of the Year Award based on the nomination of twenty-three local manufacturers.

About Blackhawk Bancorp

Blackhawk Bancorp, Inc. is headquartered in Beloit, Wisconsin and is the parent company of Blackhawk Bank, which operates eight banking centers and one commercial office in south central Wisconsin and north central Illinois, along the I-90 corridor from Elgin, Illinois to Janesville, Wisconsin. Blackhawk’s locations serve individuals and small businesses, primarily with fewer than 200 employees. The company offers a variety of value-added consultative services to small businesses and their employees related to the financial products it provides. Member FDIC | Equal Housing Lender

Forward-Looking Statements

When used in this communication, the words ”believes,” ”expects,” and similar expressions are intended to identify forward-looking statements. The company’s actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions; success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which Blackhawk or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of ”critical accounting policies”; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the company or its customers.

Further information is available on the Company’s website at www.blackhawkbank.com.

SOURCE: Blackhawk Bancorp, Inc.

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