STURGIS, MI / ACCESSWIRE / July 27, 2022 / Sturgis Bancorp, Inc. (OTCQX:STBI) today announced implementation of the next phase of its succession plan for subsidiary Sturgis Bank and Trust Company.

Sturgis Bancorp, Inc. (Bancorp) is the holding company for Sturgis Bank & Trust Company (Bank), and its subsidiaries Oakleaf Financial Services, Oak Mortgage, Ayres/Oak Insurance, and Oak Title Services. The Bank provides a full array of trust, commercial and consumer banking services from banking centers in Sturgis, Bangor, Bronson, Centreville, Climax, Colon, Portage, South Haven, St. Joseph, Three Rivers and White Pigeon, MI. Oakleaf Financial Services offers a complete range of investment and financial-advisory services. Oak Mortgage offers residential mortgages in all markets of the Bank. Ayres/Oak Insurance offers various competitive commercial and consumer insurance products. Oak Title Services offers commercial and consumer title insurance.

Eric L. Eishen, President and CEO of the Bancorp, has also served as President and CEO of the Bank since 2002. Jason Hyska, currently Senior Vice President and Head of Retail Lending, has been named Chief Executive Officer for the Bank. Matt Scheske, currently Senior Vice President and Head of Commercial Lending, has been appointed President and Chief Operating Officer. Together, Hyska and Scheske will lead all Bank operations. Eishen will continue in his concurrent role as President and Chief Executive Officer of Sturgis Bancorp, Inc., the holding company, and as a Director of the Bank. In his new Bank role, Eishen will oversee strategic planning, risk management, regulatory affairs, compliance, and legal, as well as Oakleaf Financial Services, Inc., the Bank's investment planning subsidiary.

David Franks, Chairman of the Bank's Board of Directors, said "Our Organization and the customers and communities we serve have benefitted greatly from Eric Eishen's leadership. Several years ago, we began to consider the future of Sturgis Bank and Trust Company and who would assume the daily management of the Bank. Eric's role was transitioning to corporate governance, risk management and strategic initiatives. We are pleased that he will stay with the Company to provide mentorship for Jason and Matt in addtion to the other duties he is currently performing."

"This transition will positively enhance the long-term stability of our Organization," said Eishen. "I have had the pleasure of working with Jason for over 25 years and Matt for over 20 years. The Bank believes in staff development and has a strong history of identifing people with leadership qualities. Our Board has selected two of the best in the Michigan banking industry to lead us going forward as we continue to focus on providing value to our customers and our communities. My performing the risk and regulatory management for the Bank allows Jason and Matt to focus on business matters and to continue to develop a group of top class bankers. The Bank is in excellent hands. These two are highly motivated and hard working, a combination that is hard to beat. The management of Sturgis Bank and Trust Company is in excellent hands."

Eric Eishen has spent his entire career serving Sturgis Bank and Trust Company. He began as a facilities assistant and teller while still in his teens at the behest of his father Leonard Eishen, who served as Chief Executive Officer of Sturgis Bank and Trust Company from 1976 until he retired in 2002. Eric continued to serve the Bank while in college, went on to work in multiple roles in lending for the Bank, and over his tenure has held most leadership roles with the exception of Chief Financial Officer.

Jason Hyska joined Sturgis Bank and Trust Company in 1996 as a teller and was soon promoted to a loan processor. He has held additional roles as Banking Center Manager and Loan Officer, and Vice President, Head of Retail Lending. Jason graduated from Bronson High School, Western Michigan University with a degree in finance, the Graduate School of Banking at the University of Wisconsin, and the University of Notre Dame with a Masters of Business Administration. Jason is a Sturgis Rotary Club member and Past President. He served as Chair of the Branch County Conservation District. Jason is well known in the banking industry and serves on the Bank PAC Board of the Michigan Bankers Association (MBA) and is Past Chair of the Retail Lending Committee. He and his wife Tina reside in Bronson with their two sons.

"I'm honored to be named Chief Executive Officer of the Company where I have built my career and focused on providing value to our customers while helping our communities grow," said Jason. "Matt and I will continue with what works well for our stakeholders while bringing our organization to the next level. We're thankful for all that we have learned from Eric and for the opportunity to lead Sturgis Bank and Trust Company."

Matt Scheske joined Sturgis Bank and Trust Company in 1999. He worked part-time as a teller and intern before transitioning to a full-time role in 2003 as a commercial lender following undergraduate graduation. Matt was promoted to Senior Vice President and Head of Commercial Lending in 2018. Matt is a graduate of Condordia University (Wisconsin) with a degree in mathematics and the Graduate School of Banking at the University of Wisconsin. He earned a Masters of Business Administration degree from the University of Notre Dame, graduating magna cum laude. Active in the Sturgis community, Matt serves as President of the Sturgis Chamber of Commerce Board of Directors and Treasurer of the Camp Fort Hill Board of Directors. He also is a member of the Trinity Lutheran Board of Directors, the Doyle Center Board of Directors, and coaches little league and other sports. He and his wife Melissa reside in Sturgis with their four children.

"I am thankful for the confidence and support of our Board of Directors," said Matt Scheske. "Jason and I have worked in partnership for many years, and we look forward to developing and delivering the strategic vision of our Board. We have a great team and we are excited to build upon our strengths as Sturgis Bank and Trust Company continues to grow."

At its July quarterly meeting, the Board of Directors of Sturgis Bancorp approved expanding the Board of Directors for Sturgis Bank and Trust Company and appointed Jason Hyska and Matt Scheske to the Bank Board.

The Bank continues to grow, opening new offices in St. Joseph, South Haven, and Portage Michigan over the past year. A banking center in Niles Michigan will also open before Labor Day, and the Bank is expanding operations in Marshall Michigan.

This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include statements regarding intent, belief, outlook, objectives, efforts, estimates or expectations of Bancorp, primarily with respect to future events and the future financial performance of the Bancorp. Any such forward-looking statements are not guarantees of future events or performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement. Factors that could cause a difference between an ultimate actual outcome and a preceding forward-looking statement include, but are not limited to, changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; government and regulatory policy changes; the outcome of any pending and future litigation and contingencies; trends in consumer behavior and ability to repay loans; and changes of the world, national and local economies. Bancorp undertakes no obligation to update, amend or clarify forward-looking statements as a result of new information, future events, or otherwise. The numbers presented herein are unaudited.

For additional information, visit our website at www.sturgis.bank.

Contacts:

Sturgis Bancorp
Eric Eishen, President & CEO
Brian P. Hoggatt, CFO -- P: 269 651-9345

SOURCE: Sturgis Bancorp, Inc.