Baylake Corp. Performance and Leadership Changes Highlight Annual Meeting
STURGEON BAY, Wis., June 5, 2008 -- Baylake Corp., the holding company for Baylake Bank, held its annual shareholders’ meeting Monday, June 2, 2008, at Stone Harbor Resort and Conference Center in Sturgeon Bay. Over 150 shareholders were present, with more than 78% of total shares represented in person and by proxy as Robert J. Cera, President and Chief Executive Officer for Baylake Corp. and Baylake Bank, welcomed shareholders and introduced directors, regional board members, and management team members.
During the business meeting, shareholders re-elected Class I Directors Robert W. Agnew, George Delveaux, Jr., Dee Geurts-Bengtson, and Joseph J. Morgan for three year terms. In addition, Assistant Vice President Evelyn H. Wilke was recognized for 66 years of service to Baylake Bank.
Cera then presented information about factors contributing to Baylake Corp. 2007 performance, and outlined some of the decisions and measures that have been taken to improve the Company’s net income, asset quality, and capital position. “One critical element of our strategy over the past four months has been to preserve and grow our capital base. It is for this reason that we have chosen to suspend dividends while we work to improve our loan portfolio and return the bank to asset quality and net income levels that we can be proud of,” Cera said. According to Cera, the Company’s and the bank’s capital continue to exceed the regulatory definition of “well capitalized.”
Cera commented that noteworthy progress was made during 2007 to focus staff on efficiency and accountability in key areas. He noted that growth in retail deposits was a “significant bright spot” for 2007, as were reductions of risk within the bank’s loan portfolio.
Cera also highlighted recent Baylake Bank management team
additions, including that of Teresa Rosengarten as Executive Vice President, and
Paul Northway as Market President for the Bay Area Region. “We have a dedicated
staff of bankers, strong deposit market share in our Lakeshore Region, and a
focused and fully engaged leadership team,” Cera said.
Baylake Corp. provides complete financial services from 28 Baylake Bank financial centers located throughout Brown, Door, Green Lake, Kewaunee, Manitowoc, Outagamie, Waupaca and Waushara Counties, and from their website at www.baylake.com.