MidWestOne Financial CFO retiring

MidWestOne Financial Group, corporate parent of MidWestOne Bank in Iowa City, on Tuesday announced a planned change in its executive ranks.

Gary Ortale, executive vice president and chief financial officer, will retire on Aug. 31. Ortale will be succeeded by Katie Lorenson, vice president of MidWestOne Financial and former senior vice president and CFO of Central Bank,

Ortale joined MidWestOne in 1987, serving in his current position since May 2009. He previously served as the company's interim CFO after the retirement of the MidWestOne Financial's previous CFO in December 2008

'Gary Ortale has been a stalwart in our company for more than 28 years” said Charles Funk, president and CEO of MidWestOne Financial Group and MidWestOne Bank in a news release. 'He has been a friend, confidant, and no one is more reliable than Gary.”

Lorenson, vice president of MidWestOne Financial, joined the company on May 1, 2015, when MidWestOne Financial completed a merger with Central Bancshares. Lorenson previously was acting senior vice president and CFO of Central Bank.

Before joining Central Bank in 2011, Lorenson was a manager with McGladrey in the financial institutions practice. She gained nearly 10 years of experience serving community banks in audit and accounting matters as well as mergers, acquisitions, and FDIC loss share accounting and best practices.

'We are extremely fortunate to have someone of Katie's caliber to step into this important job,” Funk said. 'Katie has embraced the MidWestOne culture from the first time we met. She will bring talent and energy to her new position.”