IOWA CITY — W. Richard Summerwill, chairman of MidwestOne Financial Group and its subsidiary, MidwestOne Bank, is retiring April 21 after the company’s annual meeting.
Summerwill, 74, joined the former Iowa State Bank & Trust in 1963 and served as chief executive officer from 1984 to 2000. He will be succeeded by Kevin Monson as chairman of MidwestOne Financial and MidwestOne Bank.
Monson is president and founding director of the Neuman Monson architectural firm in Iowa City.
Summerwill’s retirement and Monson’s appointment by the MidwestOne Financial board of directors were announced Wednesday.
The board also appointed Tracy McCormick and Robert Latham to serve as directors, completing the unexpired terms of Summerwill and James Wake, 70, who also plans to retire after the April 21 annual meeting.
McCormick, 50, is a past vice president in investment banking for J.P. Morgan & Co. McCormick, who is Summerwill’s daughter, resides with her family in Pasadena, Calif.
Latham, 68, is chairman and president of Latham & Associates in Cedar Rapids, an economic and strategic analyst for the utility industry with over 30 years of experience. He has served on the board of directors for First National Bank in Iowa City and Peoples Trust and Savings Bank in Adel.
MidwestOne Financial’s board of directors also adopted an amendment to the company’s bylaws creating the position of non-voting director emeritus. Summerwill was appointed to serve as a director emeritus, effective on his retirement.
Iowa State Bank & Trust and its corporate parent, ISB Financial, merged with MidwestOne Financial Group of Oskaloosa in March 2008. ISB Financial was the surviving entity in the merger and adopted the name of MidWestOne Financial Group.
MidwestOne Financial Group eventually merged all of the banks owned by the holding companies into a single entity, MidwestOne Bank. MidwestOne Financial’s shares are listed on the Nasdaq stock market.MidwestOne Financial Group is the fifth largest publicly traded bank holding company in Iowa.