Allegiance Bancshares, Inc. Announces Executive Leadership Transition
October 25 2019 - 8:30AM
Allegiance Bancshares, Inc. (NASDAQ: ABTX) (“Allegiance”), the
holding company of Allegiance Bank, today announced a plan of
succession in which Steven F. Retzloff, age 63, the current
President of Allegiance, will be promoted to Chief Executive
Officer, effective January 1, 2020, succeeding George Martinez in
the role. Mr. Retzloff will continue to serve as the
executive Chairman of Allegiance Bank (the “Bank”). Mr. Martinez,
age 77, will continue to serve as Chairman of Allegiance’s Board of
Directors in 2020. In addition, Mr. Martinez will retire as Chief
Executive Officer of the Bank and assume the role of Vice Chairman
of the Bank on January 1, 2020.
“With the company in a strong financial position and with its
outstanding culture and people in place, this is the right time for
Allegiance to move forward with the next step in the succession
plan we established twelve years ago when Steve and I co-founded
the Bank,” said George Martinez, who has served as Allegiance’s
Chairman and Chief Executive Officer since its founding in 2008.
“Over the next few months, Steve and I will work closely to ensure
the effective and orderly transition of the Chief Executive Officer
role and responsibilities. The company’s future is in great hands
with Steve, the executive leadership team and our more than 580
dedicated employees. I am proud of what they have helped us achieve
and look forward to watching Allegiance’s further success in the
years ahead,” concluded Martinez.
“It’s been an honor to learn from and serve beside a remarkable
leader like George Martinez,” said Steve Retzloff, Allegiance’s
President and Allegiance Bank’s Chairman of the Board. “I am
grateful to Allegiance’s Board of Directors for their confidence in
me to carry on George’s legacy of achievement and growth. We
appreciate that he has agreed to continue to serve as Chairman of
our Board as we transition into this next chapter of our story.
On behalf of the entire Allegiance family, I thank
George for his dedication and service as he retires from his
day-to-day responsibilities as part of the leadership team and
turns his focus to strategic initiatives. I value my
relationship with him and will continue to call upon his wisdom and
guidance,” continued Retzloff.
As part of the succession plan, Ramon A. Vitulli, III will be
promoted from Executive Vice President to President of Allegiance,
succeeding Mr. Retzloff, effective January 1, 2020. In
addition, effective January 1, 2020, Mr. Vitulli will be promoted
from President and Chief Operating Officer to Chief Executive
Officer of the Bank.
Okan I. Akin, Executive Vice President and Chief Risk Officer of
Allegiance and the Bank, will succeed Mr. Vitulli in the office of
President of the Bank effective January 1, 2020, serving as both
President and Chief Risk Officer. Mr. Akin will continue to
serve as Executive Vice President and Chief Risk Officer of
Allegiance.
About Allegiance Bancshares, Inc.
As of September 30, 2019, Allegiance was a $4.91 billion
asset Houston, Texas-based bank holding company. Through its wholly
owned subsidiary, Allegiance Bank, Allegiance provides a
diversified range of commercial banking services primarily to small
to medium-sized businesses and individual customers in the Houston
region. Allegiance’s super-community banking strategy was designed
to foster strong customer relationships while benefiting from a
platform and scale that is competitive with larger local and
regional banks. As of September 30, 2019, Allegiance
Bank operated 27 full-service banking locations in the Houston
region, which we define as the Houston-The Woodlands-Sugar Land and
Beaumont-Port Arthur metropolitan statistical areas, with 26 bank
offices and one loan production office in the Houston metropolitan
area and one bank office location in Beaumont, just outside of the
Houston metropolitan area. Visit www.allegiancebank.com for more
information.
“Safe Harbor” Statement under the Private Securities
Litigation Reform Act of 1995
This release may contain forward-looking statements within the
meaning of the securities laws that are based on various facts and
derived utilizing important assumptions, present expectations,
estimates and projections about Allegiance and its subsidiaries.
Statements preceded by, followed by or that otherwise include the
words “believes,” “expects,” “continues,” “anticipates,” “intends,”
“projects,” “estimates,” “potential,” “plans” and similar
expressions or future or conditional verbs such as “will,”
“should,” “would,” “may” and “could” are generally forward-looking
in nature and not historical facts, although not all
forward-looking statements include the foregoing words.
Forward-looking statements include information concerning
Allegiance’s future financial performance, business and growth
strategy, projected plans and objectives, as well as projections of
macroeconomic and industry trends, which are inherently unreliable
due to the multiple factors that impact economic trends, and any
such variations may be material. Such forward-looking statements
are not guarantees of future performance and are subject to risks
and uncertainties, many of which are outside of Allegiance’s
control, which may cause actual results to differ materially from
those expressed or implied by the forward-looking statements. These
risks and uncertainties include but are not limited to whether
Allegiance can: continue to develop and maintain new and existing
customer and community relationships; successfully implement its
growth strategy, including identifying suitable acquisition targets
and integrating the businesses of acquired companies and banks;
sustain its current internal growth rate; provide quality and
competitive products and services that appeal to its customers;
continue to have access to debt and equity capital markets; and
achieve its performance objectives. These and various other risk
factors are discussed in Allegiance’s Annual Report on Form 10‑K
for the fiscal year ended December 31, 2018 and in other reports
and statements Allegiance has filed with the Securities and
Exchange Commission. Copies of such filings are available for
download free of charge from the Investor Relations section of
Allegiance’s website at www.allegiancebank.com, under Financial
Information, SEC Filings. Any forward-looking statement made
by Allegiance in this release speaks only as of the date on which
it is made. Factors or events that could cause Allegiance’s actual
results to differ may emerge from time to time, and it is not
possible for Allegiance to predict all of them. Allegiance
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
CONTACT: Allegiance Bancshares, Inc.ir@allegiancebank.com
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