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Stearns Bank Positions to Expand with M&A Opportunities, New Exec Additions

March 12, 2021, 08:14 AM
Filed Under: Banking News

Stearns Bank is well-positioned for expansion, adding three seasoned executives to explore new opportunities. Stearns Bank hired Al Doering as Chief M&A Officer, a newly created executive level role. Doering previously worked with Stearns Bank as its Chief Credit Officer and will now explore new prospects for acquisitions and expansion, focusing on banks between $250 million to $1.5 billion in assets, niche and specialty financing companies, and loan portfolio purchases.

“We are looking for regulated financial institution merger and acquisition partners nationwide whose staff are experienced with specialty financing or non-interest income,” said Doering. “In addition, we seek independent niche financing companies that are interested in joining a very strong bank, with over 20 percent capital and a bullet-proof balance sheet that can super-charge their financing capacity.”

In addition to Doering, two new top-level executives have expanded Stearns Bank’s expertise in specialty lending and fintech partnerships to kick-off 2021. Rebecca Kronlund has joined as General Counsel, bringing impressive legal expertise from her prior service as in-house bank counsel and large law firm practice spanning more than 15 years. Kronlund will add specialized legal experience to boost Stearns Bank’s proficiency in digital platforms and fintech initiatives. Brian McCarthy is taking the helm as Chief Credit Officer. McCarthy brings more than 30 years of senior management and credit experience from financial institutions with asset sizes ranging from $600 million to $15 billion. As Chief Credit Officer, McCarthy will be responsible for Stearns Bank’s overall asset and portfolio quality and credit risk management, including overseeing new opportunities and acquisitions to identify, mitigate, and monitor current and emerging credit risks.

“With our strong capital position, we are continually exploring fintech initiatives and new opportunities for acquisitions and expansion,” said Kelly Skalicky, President & CEO of Stearns Bank N.A. “We are thrilled with the addition of Al, Becca and Brian, who bring a wealth of experience and an all-in work ethic and competitive spirit. These executives will foster our growth plans through our extraordinarily strong balance sheet to ensure strong capital reserves and the highest level of safety and soundness.”

Stearns Bank specializes in small business lending and equipment financing.

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