Baylake Corp. Chairman to Retire
Sturgeon Bay, Wisconsin – June 23, 2009
Baylake Corp. (OTC BB: BYLK), a
bank holding company with $1.0 billion in assets, announced today that Thomas L.
Herlache will retire as Chairman of the Board on June 30, 2009, upon completion
of his two-year agreement with the Company to serve as its non-executive
Chairman. Mr. Herlache will continue to serve as a director of Baylake Corp.
Herlache began working full-time at Baylake Bank, formerly Bank of Sturgeon Bay,
in 1967 after receiving a J.D. from the University of Wisconsin Law School. He
gained direct experience in nearly every area of the bank, including roles as
vault teller and trust officer. Herlache served more than 30 years as Chief
Executive Officer for Baylake Bank. He was appointed to the Board of Directors
in 1970, and in 1996 became Chairman of the Board.
The Company has also announced that Robert W. Agnew and Richard A. Braun will
serve as Co-Chairmen to replace Mr. Herlache.
Agnew, who is President and CEO of Peterson Industries, L.L.C., was elected to
the Baylake Corp. Board of Directors in 2001. Braun has served as Vice-Chairman
of the Board of Directors of Baylake Corp. since the merger of Baylake Corp. and
Kewaunee County Banc-Shares Inc. in 1994. Both Mr. Agnew and Mr. Braun are
active members of various board committees.
“The board has been and continues to remain focused on becoming more strategic
in its planning and execution. The decision to name Co-Chairmen was made to
leverage Mr. Braun’s fifteen year history and operating knowledge of Baylake
Bank, with the strategic business and organizational management skills that Mr.
Agnew’s background provides,” said Baylake Corp. Chief Executive Officer Robert
“I want to thank Mr. Herlache for his service as Chairman and look forward to
his continued involvement on the Baylake Corp. Board of Directors,” Cera added.
Baylake Corp., headquartered in Sturgeon Bay, Wisconsin, is the bank holding
company for Baylake Bank. Through Baylake Bank, the Company provides a variety
of banking and financial services from 28 financial centers located throughout
Northeast and Central Wisconsin, in Brown, Door, Green Lake, Kewaunee,
Manitowoc, Outagamie, Waupaca, and Waushara Counties, and from its website at