First Bank Corp. names new CEO, board chairman

The board of directors of First Bank Corp, the parent company of First National Bank of Fort Smith and other financial entities, have named Sam T. Sicard president and CEO of the company, and Mont Echols as board chairman.

Top management changes at the bank follow the Aug. 7 death of Sam M. Sicard, who was elected president of the large regional bank holding company in 1977 and eventually added the title of bank board chairman.

During the tenure of Sam M. Sicard, the bank saw remarkable growth. In 1989, the bank was formed into a holding company — First Bank Corp. — and acquired National Bank of Sallisaw, Citizens Bank & Trust of Van Buren, Bank of Rogers and Brown-Hiller-Clark & Associates.

Echols, a first cousin to Sam M. Sicard, has been with the bank more than 40 years.

NO DISSENSION
Sam T. Sicard, 35, said the ownership of the bank is “very diversified” with more than 170 shareholders and his promotion was anything but certain.

“It’s not all the Sicard family, far from it,” Sicard told The City Wire. “We’ve had various acquisitions that have brought on many other investors. … And it’s really moved away from that family-owned business than most people would realize. … So, it was totally up to the board, and I’m glad to say there wasn’t any dissension.”

Sicard is pleased the board selected Echols to lead the board.

“He’s very sharp, very analytical, and more behind the scenes. He knows this place,” Sicard said of Echols. “I certainly welcome him as chairman of the board. He has been and will continue to be a great resource to me. There is a lot of experience and wisdom with him.”

STAFF, BOARD GUIDANCE
The young banker, now responsible for the day-to-day management of a multi-billion dollar financial operation that consistently scores tops in the region in terms of deposit market share, also talked at length during a recent interview about the support he will receive from senior management and the bank holding company board of directors.

“The thing I really want to say is that I have a very strong experienced senior management team. That’s a big part of it. I don’t have major fires to fight. … And there is a lot of stability in the staff. We have a lot of long-term experience at this bank,” Sicard said. “And that speaks also to what my father left. That is part of his legacy.”

The board, according to Sicard, is active in terms of providing guidance.

“I actively use them for guidance. And I do use them. I have in the past and I certainly will going forward. With that very experienced board, and the senior management, that all makes it not overwhelming,” Sicard said.

With a laugh, Sicard added: “You’d really have to screw this up to not do it well.”

CAPTURED GUIDANCE
Don’t expect significant or quick changes from a public and customer perspective. Sicard, who was the executive vice president to his CEO father, said he was allowed during his 13 years of management under his father to implement many of his ideas. Sicard said the bank will hold fast to “the culture of focusing on community and customer relationships” while incorporating new ideas and technology.

Sicard is somewhat sensitive about the fact that some may believe he simply inherited the role because of his last name. He argues he earned the promotion.

“I started working down here when I was 14-years old. … I had the very unusual benefit in having a CEO that was a close father and was there at my disposal at any time to learn from,” Sicard explained. “His guidance was captured, if that makes sense, because I adopted a lot of his principles.”

Continuing, Sicard noted: “I can never argue that I’m here because of my last name, but what I can argue is that I deserved it, that I earned this. That’s what I’ve tried to do for the past several years, is to earn this. … I really had to prove this to myself.”