Great Western hires former U.S. Bancorp exec to fill credit role
Great Western Bancorp in Sioux Falls, S.D., has brought in a veteran banker to oversee its credit operations.
The $12.8 billion-asset company said in a Thursday regulatory filing that it had entered into a consulting agreement with Credit Risk Advisors in Eden Prairie, Minn. As part of the agreement, Michael Doyle, the firm's founder and president, will become Great Western's interim chief credit officer, effective Sept. 23.
Michael Gough, who had been interim chief credit officer, will become senior vice president of credit.
Doyle, who once served as chief credit officer for U.S. Bancorp in Minneapolis, will be paid a $250 hourly rate while providing consulting services for an initial three-month term with 30-day auto-renewals. The move is one of several changes being made by Great Western "to enhance its lending focus and credit administration functions."
Great Western reported elevated charge-offs in its fiscal third quarter that reflected issues in its dairy and cattle loan portfolios and a case of borrower fraud.