Following an extensive search for a new chief executive, the board at HF Financial (HFFC) in Sioux Falls, S.D., has determined that its interim CEO is the best person for the job.
The $1.2 billion-asset parent of Home Federal Bank said Monday that its board has named Stephen Bianchi as its president and CEO, effective immediately. Bianchi took over as interim CEO in October following the abrupt resignation of longtime CEO Curtis Hage.
"We are pleased to announce that, after an extensive search, we have chosen Steve to lead the company and the bank," said Michael Vekich, HF Financial's chairman said in a news release. "As interim CEO, Steve has led an initiative to consolidate underperforming branches, and has provided strong leadership to the bank which has resulted in improved operational performance. The Board is confident that Steve has the experience and the vision to lead the enterprise forward."
The company disclosed the move in a news release it which it also announced its earnings for its fiscal year 2012. HF Financial said that it earned $5.2 million for the year, up 665% from the fiscal year 2011, due primarily to improved asset quality, which more than offset the cost of branch consolidations.
For the fiscal fourth quarter, the company earned $1.8 million, compared to a loss of $2 million for the same period last year.