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Oxford Bank Announces Retirement of CFO Miller, Appointment of Deering

June 21, 2022, 07:00 AM
Related: Banking News

Oxford Bank Corporation, the holding company for Oxford Bank, announced Senior Vice President and Chief Financial Officer Richard K. Miller will be retiring in 2023. The company's Board of Directors has appointed, Jesse A. Deering, as Executive Vice President and Chief Financial Officer of both the Bank and Company, effective June 20, 2022.

During the past several months, the Company's and Bank's Board of Directors and executive management developed a comprehensive plan to ensure a seamless succession of the CFO position and continued development of financial systems. The plan calls for Miller to remain with the Company and Bank through a transition period.

Miller has served as SVP & CFO of Oxford and the Bank since Sept. 18, 2017. He joined Oxford to lead the finance department through the transition and improvement of the accounting and financial reporting functions of the organization. Miller, with his more than 40 years of broad experience with specific expertise in accounting, tax planning and regulatory reporting, was also a key contributor in the Company's recent acquisition related activities and overall organizational growth the past five years.

"Rich Miller has been integral part of our growth by completely rebuilding and automating our financial infrastructure to produce timely and accurate information which has been critical to our ability to move quickly and make good strategic decisions. He has been an important leader providing high quality advice on a broad range of issues to our executive team and Boards of Directors. We look forward to an extended transition to continue his work on creating a first-class management accounting system to reflect our increased complexity." said David P. Lamb, Oxford Chairman, President & CEO. "We are also gratified that Jesse Deering is joining our leadership team after a highly successful career with a very highly regarded former neighbor bank. Jesse's broad range of experience (both operational and financial) including bank M&A and crossing the 1 billion benchmark, is expected to be very important to our future growth and development."

Deering brings 20 years of diversified banking experience to Oxford. Most recently, he spent 17 years with the former Mackinac Financial Corporation and mBank where he served the last five years as the collective organization's Executive Vice President & Chief Financial Officer. In addition to his role overseeing the day-to-day financial operations and reporting at Mackinac and its wholly owned bank, he was also part of a management team that completed five whole bank acquisitions and a follow-on equity raise as the public company grew to over $1.5 billion in assets. He was involved in all aspects of the M&A activity including deal negotiations, financial modeling, pre-deal due diligence, expense and accretion analysis as well as post-transaction operational integration.  Along with his corporate development and investor relations duties, Deering also led strategic planning initiatives for the company. Immediately preceding his time as CFO, Deering led retail branch banking, marketing and IT. Prior to this role, he managed all banking related activities in the Southeast Michigan region as the Senior Vice President & Southeast Michigan Executive which included oversight of the regional loan portfolio, commercial lending function and branch operations. He also worked closely with the credit department serving as Assistant Vice President / Senior Credit Administrator shortly after joining the company.

Deering holds an undergraduate degree from Albion College and an MBA from the University of Notre Dame. While at Notre Dame he worked with particular focus in the areas of strategic finance, corporate communications and change management.

Oxford Bank is a subsidiary of Oxford Bank Corporation, a registered holding company. It is the oldest commercial bank in Oakland County, MI, and operates seven full-service offices in Clarkston, Davison, Dryden, Lake Orion, Oakland Township, Ortonville and Oxford. The Bank's wholly owned subsidiary, Oxford Commercial Finance, also operates a commercial finance center in Phoenix, AZ. The Bank has operated continuously under local ownership and management since it first opened for business in 1884.

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