Great Western in S.D. Names FDIC Veteran Hove Its Chairman
The South Dakota company will soon be completely independent from National Australia Bank. The plan for now is to produce consistent results while scouting deals as the bank nears a key regulatory threshold.June 30
Great Western Bancorp in Sioux Falls, S.D., could sell up to $100 million shares of its stock during its planned initial public offering.September 26
National Australia Bank is looking to sell more than a quarter of its holdings in Great Western Bancorp as part of the Sioux Fall, S.D., company's planned initial public offering.October 3
Great Western Bancorp in Sioux Falls, S.D., has named former Federal Deposit Insurance Corp. vice chairman Andrew "Skip" Hove its new chairman.
Hove has been on the $9.8 billion-asset Great Western Bank's board since 2001 and on the holding company's board since July 2014. Hove was vice chairman of the FDIC's board from 1990 to 2001 and on three separate occasions served in the role of acting chairman. Hove succeeded Richard Sawers, who retired as Great Western's chairman
Great Western also named three new directors on Tuesday, all succeeding directors who retired.
The new directors are Tom Henning, chief executive of Assurity Group in Lincoln, Neb.; Steve Lacy, chairman and CEO of Meredith Corp. in Des Moines, Iowa; and Jim Spies, president of Spies Corp., in Watertown, S.D.
In addition to Sawers, the directors Nathan Butler, Swati Dave and Rolfe Lakin retired from Great Western's board. Each was named a director as a representative of National Australia Bank, which acquired the company in 2008. Great Western has one remaining vacancy on its board, which it said it expects to fill this quarter.
Additionally, Great Western last week completed a private placement of $35 million in subordinated notes, which it used to repay outstanding indebtedness to National Australia. National Australia exited its investment in Great Western last week.