– USA, IL – AJS Bancorp, Inc. (OTCMKTS:AJSB), the holding company for A.J. Smith Federal Savings Bank, announced today that Thomas R. Butkus will retire as Chairman of the Board, Chief Executive Officer and President of the Company and the Bank effective August 14, 2017. In connection with his retirement, Mr. Butkus has been appointed Chairman Emeritus of the Company and the Bank.
Mr. Butkus joined the Bank in 1972 as Treasurer. He served as President of the Bank from 1982 until becoming Chairman and Chief Executive Officer in 1988. He has served as Chairman and Chief Executive Officer of the Company since the Company’s predecessor’s incorporation in 2001. During his tenure, the Bank grew from one branch and $75 million in assets to three branches and $204 million in assets as of March 31, 2017. Under his leadership, the Bank formed a mutual holding company in 2001, navigated through the challenging times of the great financial crisis in 2007-2009, and successfully completed the second step conversion in October 2013.
“Tom has served the Company, its stockholders, employees and clients well during his years as Chairman and CEO. His banking skills, industry knowledge and leadership helped guide the Company and Bank for 35 years. The Board has appointed Tom Chairman Emeritus in order to be able to continue drawing upon his expertise in the future. We are most grateful to him and wish him all the best in his retirement,” said Raymond J. Blake, the Company’s successor Chairman.
Mr. Butkus said, “AJ Smith has a long history of providing customers quality banking products and services and serving our communities dating back to its beginning in 1892. While our strategies and business plans have changed dramatically over the years, our focus on customers and communities has not. This is now the time for me to enjoy family and friends. I truly appreciate the support and respect I have received from the Board, clients, friends and especially the outstanding employees of the AJ Smith team.”
The Board of Directors of the Company and the Bank have appointed Raymond J. Blake, a director of the Company (and its predecessor) since 2003 and the Bank since 1979, Chairman of the Board of Directors for each of the Company and the Bank effective immediately following Mr. Butkus’s retirement on August 14, 2017.
The Board of Directors also appointed Jerry A. Weberling Chief Executive Officer and President of the Company and the Bank effective August 14, 2017. He will continue to serve as Chief Financial Officer of the Company and the Bank. In addition, Mr. Weberling has been appointed as a director of the Company and the Bank effective August 14, 2017, with a term to expire at the Company’s annual meeting of stockholders in 2018, to fill the vacancy created by Mr. Butkus’s retirement.
About AJS Bancorp, Inc.
AJS Bancorp, Inc. is the holding company for A.J. Smith Federal Savings Bank which was founded in 1892. A.J. Smith Federal Savings Bank is headquartered in Midlothian, Illinois and has two branches in Orland Park, Illinois. The Company had total consolidated assets of $204.3 million and total deposits of $167.9 million as of March 31, 2017.
For more information : http://www.ajsmithbank.com
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