Kinderhook Bank (NUBK) in New York has promoted its chief financial officer to become its new chief executive.
John Balli will succeed Robert Sherwood on Oct. 1, the $320 million-asset company said in a press release Wednesday. Sherwood will remain the company's president, keeping a post he has held since 1995.
"These important changes continue our 160 year tradition of having leadership with strong roots to our community," Brian Kelly, the company's chairman, said in a press release. Balli "grew up in Kinderhook and has been working with the bank for over two decades."
Balli became Kinderhook's first CFO in 2003 after serving as an outside certified public accountant. He helped spearhead the bank's high-tech and people-oriented strategy, the release said.
"We want our customers to have a banking experience that is both productive and relaxing," Balli said in the release. "We've set up our new branch [in East Greenbush] to be more inviting. Our employees go to the customer instead of the other way around. We have comfortable seating and computers to keep children entertained while their parents are banking with us."
Sherwood "has set the stage for tremendous growth," Kelly said. "When he became president we had $54 million in assets. Today, we're a $325 million bank. He'll be able to guide the board as we embark on our growth strategy."