On May 10, 2011, the Board of Directors (the “Board”) of Community Bank Shares of Indiana, Inc. (NASDAQ: CBIN) (the “Corporation”) elected Jerry Koetter to the Board to fill the vacancy created by Gordon L. Huncilman’s resignation, which was effective on January 19, 2011. Mr. Koetter will serve in this position until the Corporation’s 2012 annual shareholder meeting. Additionally, the Board, after applying the Corporation’s independence criteria, determined that Mr. Koetter is an independent director and appointed him to the Audit Committee.
Mr. Koetter is Chief Operating Officer of Koetter Woodworking, Inc., where he has been employed for the past 33 years. Mr. Koetter has served as a member of the board of directors for Your Community Bank, a wholly-owned banking subsidiary of the Corporation, since 1997.
At a meeting held on April 26, 2011, the Board of the Corporation discussed several corporate governance issues that included a restructuring of the Board’s Executive Committee and a plan to rotate the Board Chairman and Vice-Chairman positions among various Board members over time in an effort to involve more Board members in such capacities. Over the following two weeks, the Board engaged in internal discussions concerning such matters and the amendments to the Corporation’s Bylaws required to effect such changes. A special meeting of the Board was set for May 10, 2011, to consider such Bylaws amendments and to consider the composition of all Board committees for the next year. At that meeting, the Board:
|Norman E. “Ned” Pfau, Jr., Chairman||R. Wayne Estopinal, Chairman||Steven R. Stemler, Chairman|
|George M. Ballard||Gary L. Libs||George M. Ballard|
|R. Wayne Estopinal||Norman E. “Ned” Pfau, Jr.||Gary L. Libs|
|Jerry Koetter||Kerry M. Stemler||James D. Rickard|
|Timothy T. Shea||Kerry M. Stemler|
About Community Bank Shares of Indiana, Inc.
Community Bank Shares of Indiana, Inc. was formed in 1991 as the nation’s first ever mutual holding company. In 1995, the company went public under the NASDAQ symbol CBIN. Today, Community Bank Shares of Indiana, Inc. is Southeastern Indiana’s largest locally owned and headquartered bank holding company and includes Your Community Bank and The Scott County State Bank. The mission statement of Community Bank Shares of Indiana reflects its purpose: “Achieving financial goals through exceptional people and exceptional service.” Community Bank Shares of Indiana strives to help shareholders, customers, employees, and our communities achieve their respective financial goals by empowering individuals to provide a level of unmatched customer service. To learn more about us, please visit www.yourcommunitybank.com and www.scottcountystatebank.com.