Sturgis Bancorp, Inc. Announces Chairman Resignation

STURGIS, MI / ACCESSWIRE / January 24, 2022 / Sturgis Bancorp, Inc. (OTCQX:STBI) today announced the resignation of John Wiedlea from the boards of Sturgis Bancorp, Inc. and Sturgis Bank & Trust Company.

President and CEO Eric L. Eishen stated: "John joined the Bancorp and Bank boards in 2006. He has served in many capacities on the boards over that time, including Bancorp Chairman and Chairman of the Audit Committee. John has been an outstanding member of the boards. He has provided valuable insight with his unique set of skills and experience. The board will miss his guidance. John has always been a person to do what is best for the community, Bank and the stockholders."

In his letter of resignation Mr. Wiedlea stated: "I would like to thank the Shareholders and Company for the opportunity to serve with a focused, dedicated board and management team, a team who has and will continue to build an excellent first-class organization." He further added: "The Community Bank model is paramount to the success of the communities it serves! The continued focus by the Bank working with individuals to fulfill their dreams will develop the communities we serve!"

The reason for his departure was due to his current life's circumstances, age and interests. He stated: "It is my opinion that it's time to allow new talent: thoughts, backgrounds and disciplines to carry the torch. I have appreciated my involvement and believe the development of new board members is critical to future success. My resignation endorses what I believe to be a best practice for any public company board."

President Eishen further stated: "John has been a tireless leader in the community and has been instrumental in many significant projects and organizations. His designation as a Past Sturgis City Citizen of the Year demonstrates the level of his efforts to further the success of a community he loves."

Vice Chairman David L. Franks was elected Chairman of Sturgis Bancorp, Inc. He also currently serves as Chairman of Sturgis Bank & Trust Company.

Sturgis Bancorp is the holding company for Sturgis Bank & Trust Company (Bank), and its subsidiaries Oakleaf Financial Services, Oak Mortgage, Ayres/Oak Insurance, and Oak Title Services. The Bank provides a full array of trust, commercial and consumer banking services from banking centers in Sturgis, Bangor, Bronson, Centreville, Climax, Colon, Portage, South Haven, St. Joseph, Three Rivers and White Pigeon, MI. Oakleaf Financial Services offers a complete range of investment and financial-advisory services. Oak Mortgage offers residential mortgages in all markets of the Bank. Ayres/Oak Insurance offers various competitive commercial and consumer insurance products. Oak Title Services offers commercial and consumer title insurance.

For Sturgis Bank & Trust Company updates, visit www.sturgis.bank.

This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include statements regarding intent, belief, outlook, objectives, efforts, estimates or expectations of Bancorp, primarily with respect to future events and the future financial performance of the Bancorp. Any such forward-looking statements are not guarantees of future events or performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement. Factors that could cause a difference between an ultimate actual outcome and a preceding forward-looking statement include, but are not limited to, changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; government and regulatory policy changes; the outcome of any pending and future litigation and contingencies; trends in consumer behavior and ability to repay loans; and changes of the world, national and local economies. Bancorp undertakes no obligation to update, amend or clarify forward-looking statements as a result of new information, future events, or otherwise. The numbers presented herein are unaudited.

CONTACTS:

Sturgis Bancorp, Inc. - Eric Eishen, President & CEO, or Brian P.
Hoggatt, CFO P: 269 651-9345

SOURCE: Sturgis Bancorp, Inc.