Bear State’s CEO steps down, bank board names 35-year old CEO to lead fast-growing Little Rock financial group
by January 18, 2017 5:09 pm 1,645 views
Bear State Financial on Wednesday announced that its board of directors has named 35-year old Matt Machen as the fast-growing community bank’s president and CEO, replacing Mark McFatridge who resigned Saturday (Jan. 14).
Machen formerly served as president of Bear State Bank under McFatridge, but will now take over that role and the CEO’s position for the banking holding company and its operating subsidiary of the same name. Machen joined Bear State following a $46.3 million recapitalization of the former First Federal Bank of Harrison in 2011 by Bear State Financial Holdings.
“Matt combines strong financial services experience and knowledge of the depth of our management team with a vision for the Company’s future that will be a critical part of our growth and success moving forward,” Bear State Chairman Rick Massey said. “Matt joined our team more than five years ago and has proven to be both a dynamic leader and accomplished at strategy execution. Our board has full confidence in Matt to handle his new responsibilities and feel we are fortunate as a company to have an executive of his caliber at Bear State.”
Bear State officials said McFatridge only informed the bank and its board of directors of his resignation as president and CEO four days prior. Bear State offered no reason for McFatridge’s decision to step down after serving in the role for less than 16 months.
McFatridge was appointed CEO of the Arkansas banking concern in Oct. 1, 2015, following Bear State’s $70 million acquisition of Metropolitan National Bank in Springfield, Mo. McFatridge, who previously served as the former chief executive officer of Metropolitan, also served on Bear State board with fellow Metropolitan director John Ghirardelli, who remains with the company.
Under McFatridge’s leadership, Bear State has seen a strong spike in profits and reached the $2 billion asset mark at the end of the third quarter. Company officials said Machen successfully led the bank’s turnaround efforts in Northwest Arkansas before relocating to Little Rock to become CFO of the Little Rock-based financial concern.
In late April 2016, Machen and Sherri Billings were promoted to bulk up the company’s executive ranks. Billings, the bank’s former chief accounting officer, took over as CFO after Machen was promoted to president, reporting only to McFatridge. Company official said Machen was unanimously elected by the board following McFatridge’s decision to step down.
Bear State’s 11-person board also includes former Alltel Corp. CEO Scott Ford. Massey served as general counsel for Alltel before the Little Rock wireless giant was purchased by Verizon Wireless in January 2009. At the close of business Friday, Bear State’s shares (NASDAQ: FFBH) were trading up a penny at $10.06.