SPOKANE, Wash., May 27, 2015 (GLOBE NEWSWIRE) -- Inland Northwest Bank (the "Bank" or "INB"), the wholly owned subsidiary of Northwest Bancorporation, Inc. (OTCQB:NBCT) (the "Company"), today announced the hiring of Russell A. Lee as its new President and CEO, effective June 29, 2015.
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"After an extensive search that included strong internal and external candidates, the Board of Directors is delighted to have found someone of Mr. Lee's caliber to be Randy's successor," said Anthony Bonanzino, Chairman of the Board of INB and the Company. "He brings a wealth of experience to the job, having previously served as President of two other community banks on the west side of our state. The Board was particularly impressed with Mr. Lee's vision for INB's future."
Lee takes over as President and CEO of the Bank from Randall Fewel who has announced plans to retire in June 2016 after a 22-year career with INB. Under Fewel's leadership as President and CEO beginning in 2001, INB has grown from $180 million in assets to over $440 million today. Fewel will continue to serve as President and CEO of Northwest Bancorporation, Inc. until 2016 and is expected to remain on the Board of Directors of both INB and the Company following his retirement.
"Russ is a high energy guy who is a huge believer in the community bank business model," Fewel said. "He brings to the job just the right skill set to help us achieve our long-term goal of remaining independent through growth and profitability."
"I am extremely honored and excited for the opportunity to lead INB into the future and to continue its success as a community bank offering excellent service and strong relationships for our customers," said Lee.
An industry veteran with over 35 years of financial service industry experience, Lee previously served as President and Chief Operating Officer of Skagit Bank headquartered in Burlington, Washington and President and Chief Operating Officer of Peoples Bank headquartered in Bellingham, Washington. Lee graduated from Luther College in Decorah, Iowa and from Western Washington University with a Masters Degree in Business Administration.
Mr. Lee will also be appointed to the Boards of Directors of both INB and the Company.
About Northwest Bancorporation, Inc.
Northwest Bancorporation, Inc. is the parent company of Inland Northwest Bank, a state-chartered community bank which operates seven branches in Spokane County, Washington, and four branches in Kootenai County, Idaho. INB specializes in meeting the financial needs of individuals and small to medium-sized businesses, including professional corporations, by providing a full line of commercial, retail, mortgage and private banking products and services. More information about INB can be found on its website at www.inb.com. The Company's stock is quoted on the OTC Market's OTCQB Marketplace, www.otcmarkets.com, under the symbol NBCT.
Forward-Looking Statements
This release contains forward-looking statements that are not historical facts and that are intended to be "forward-looking statements" as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company's plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company's future operating results. When used in this release, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company's loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company's loan and other products; unforeseen increases in costs and expenses; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
