Communities First Financial Corporation (OTCMKTS:CFST) Reveals Upcoming Retirement of its Chief Financial Officer
Parent company of Fresno First Bank, Communities First Financial Corporation (OTCMKTS:CFST), made an announcement on April 26, 2022, about the retirement of Steve Canfield from his position as Executive Vice President and Chief Financial Officer. It will be in effect from January 3, 2023.
Steve Miller, President and Chief Financial Officer, thanks Canfield for his contribution for the leadership, strategic influence, courageous decision making and sweat equity, he has given over the last 15 years. He has been instrumental in helping the Bank evolve from de novo status, recovering from financial crisis, and navigating its way through the pandemic. He wishes Canfield all the very best in his retirement.
Market Stats
On Tuesday, CFST stock ended flat at $61.95 with more than 100 shares, compared to its average volume of 1.3K shares. The stock moved within a range of $61.95 – 61.95 after opening trading at $61.95.
On his behalf, Canfield is confident that the exceptional team of professionals they have built up will ensure the long-term success of their franchise. He states that it has been an honor to serve with the entire Communities First banking team and it will continue to grow to be a vibrant part of the community.
Executive search firm Chrisman and Company has been retained by the Board of Directors, to look for a worthy successor. Canfield will be involved in the recruitment process and has agreed to remain with the company until a replacement is found to ensure a seamless transition of this critical role.
Key Quote
“On behalf of the Board of the Directors and Management team, we are extremely grateful for the leadership, strategic influence, courageous decision making and sweat equity Steve has given over the last fifteen years,” said Steve Miller, President and Chief Financial Officer. “Steve’s dedicated leadership and direction to the Company and the Bank during his tenure has been exceptional. He helped the Bank evolve from de novo status, navigated us through the financial crisis, and most recently through the pandemic. At the same time, the Bank realized significant growth and best in class shareholder returns due to Steve’s focus on quality earnings, effective capital planning and efficiency ratios. Steve has been the architect of much of our success, but more importantly, he is a great teammate and friend to many people at the Bank. We wish Steve the best in his well-deserved retirement and greatly appreciate him remaining on to help identify his successor and facilitate a successful leadership changeover.”
Traders Corner
CFST stock is trading above the 20-Day and 50-Day Moving averages of $60 and $59 respectively. Moreover, the stock is trading above the 200-Day moving average of $53.
