WCF in Iowa hires outsider as its next CEO

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WCF Bancorp in Webster City, Iowa, has hired an outsider as its CEO.

The parent company of the $119 million-asset WCF Financial Bank disclosed in a regulatory filing that Michael Segner also became its president on Aug. 27. Segner, who joined the company's board, succeeded Stephen Mourlam, who retired.

Segner was president and CEO of Peoples Trust & Savings Bank in Clive, , for 10 years until its recent sale to Rigler Investment.

WCF said it formed a search committee to find a new president in May after Mourlam announced plans to retire.

Segner "is the right person to lead our bank forward," Thomas Hromatka, who became chairman in May, said in the filing. Segner "has a long and distinguished career as a community bank CEO with vast experience in the oversight of credit administration practices. Additionally, he has the experience and skills to continue to build on the long history of success of WCF."

Mourlam, who is retiring after nearly 40 years with the company, will stay at WCF through the end of this year to assist with the transition. He will also serve on WCF's board.

Mourlam "guided the bank into a new era as a public company and most recently, with a change of charters,” Hromatka said. “We are pleased he will remain on our board ... to continue to utilize his knowledge and skills.”

Segner will receive a annual base salary of $172,500 and will be eligible for an annual incentive bonus.

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