Baylake Corp. Leadership and Progress Highlight Annual Meeting
Sturgeon Bay, WI, June 7, 2007— T.L. Herlache, Chief Executive Officer of
Baylake Bank and Baylake Corp., introduced shareholders to Baylake Corp.
President and Baylake Bank Chief Operating Officer Robert J. Cera at the annual
shareholder meeting held June 5, 2007, at Stone Harbor Resort and Conference
Center. Cera has been with the company for the past ten months in preparation to
succeed Herlache, who is retiring next month after 30 years of service as
Baylake Bank CEO. Herlache will remain Chairman of the Board of Baylake Corp.
“I’m very confident about the future of this company under Rob’s leadership. His
enthusiasm, energy, and desire to win in the competitive banking environment are
exciting. It is clear to me that Rob’s passion and commitment to high levels of
customer service fit well within the Baylake Bank culture,” Herlache said.
Cera presented information about the company’s progress implementing priority
strategies, and highlighted key contributors to 2006 performance. He informed
shareholders of key focuses, which include a great emphasis and increased
intensity on reducing the level of non-performing assets in the next few
quarters. He also outlined management and operational change initiatives that
give the bank greater autonomy to tailor product and service solutions for
individual customer needs in the 28 communities served by Baylake Bank. “The
management and sales of the bank are now more clearly organized by geography. We
believe this gives us a competitive advantage in the era of growing bank
centralization and consolidation,” Cera said.
Over 140 shareholders were present with approximately 80% of total shares
represented by proxy. Shareholders re-elected Baylake Corp. Directors: Robert W.
Agnew, Richard A. Braun, Robert J. Cera, George Delveaux, Jr., Roger G. Ferris,
Dee Geurts-Bengtson, Thomas L. Herlache, Joseph J. Morgan, William C. Parsons,
and Paul J. Sturm. Shareholders also approved a management proposal to amend The
Baylake Articles of Incorporation.
In addition, T.L. Herlache thanked retiring Director John (Jack) W. Bunda and
recognized his 35 years of service to Baylake Corp. Bunda was elected as a
Director of Bank of Sturgeon Bay, now Baylake Bank, in 1972. He was then
appointed to the Audit & Legal Committee for the bank in 1979, and served on the
board continuously until his retirement on June 5, 2007. Herlache thanked Bunda
for his years of service and dedication and commented, “Jack’s experience and
background have been of great value to Baylake Bank. He will be missed.”
The annual meeting concluded with a thank you and presentation on behalf of
Baylake Corp. directors, and Baylake Bank boards and staff, recognizing Herlache
for his 42+ year commitment to the bank. “I am very thankful for the
opportunities presented to me during this wonderful ride. I will continue to
work with Rob after July 1, 2007, as Chairman of the Board and look forward to
what the future holds for Baylake Bank,” Herlache concluded.
Baylake Corp. provides complete services from 28 Baylake Bank community
financial centers located throughout Brown, Door, Green Lake, Kewaunee,
Manitowoc, Outagamie, Waupaca and Waushara Counties, and from their website at
www.baylake.com.
