First Franklin Chairman, President & CEO
April 2010
- 300 million in assets publicly traded savings bank with seven branches throughout Greater Cincinnati
- Successfully defeated a heated proxy fight in June, 2010
- Instituted “IMPACT” Plan leading up to sale (The IMPACT plan = Profit IMProvement, Asset quality resolution, Cash generation and Talent acquisition):
- Instituted expense reduction initiatives including eliminating all company cars, reducing marketing expenses and crafted a 10% reduction in force
- Launched Special Asset Committee to address loan quality issues
- Sold main office building generating needed cash
- Crafted branch sale initiative to generate cash and profit
- Increased size of Franklin Savings board with a qualified addition
- Encouraged long term First Franklin board member to step down and named qualified replacement
- Increased corporate governance through establishing Compensation Committee at Holding Company level and a Lead Independent Director
- Negotiated Definitive Agreement in October 2010 to sell First Franklin at 1.85 times market closing price prior to announcement, and 1.12 times net book value per share on June 30, 2010
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