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BY SHARON PORTA
Times Correspondent | Wednesday, August 25, 2004 | (No comments posted.)
MUNSTER -- After 30 years with the company, James Prisby has resigned as vice chairman, president, chief operating officer and director of CFS Bancorp, Inc., and its wholly-owned subsidiary Citizens Financial Services, FSB, last Friday.
In accordance with the terms of his resignation, Prisby will receive a payment equal to approximately three years of compensation, $1 million, which is expected to reduce the company's diluted earnings per share by $0.05, on an after-tax basis, for the third quarter of 2004.
"To some people, this may be a real surprise, but Jim had been thinking about retirement for a year," said his brother, Thomas Prisby, the company's chairman and chief executive officer. "But until an agreement is reached, you really don't make an announcement. The board talked with Jim for several months, working out the details of buying out his contract. This move was initiated by Jim, there is nothing more to it than that."
The positions of vice chairman, president and chief operating officer will not be immediately filled. Instead, the Board of Directors will temporarily reassign these duties to Thomas Prisby, and the other executive officers.
"Jim used to run the insurance agency, which was sold, and our investment division, which has made a change so it doesn't require as much time as it once did," Thomas Prisby said. "That played a role, this was probably a good time and Jim felt comfortable moving on. He wanted to take it a bit easy and had some good personal reasons for this move."
James Prisby, 54, who lives in Dyer with his wife, Donna, joined the company in 1974. His father, Walter Prisby, worked at the bank from 1940 to 1998, and was chairman emeritus at the time of his death. James had a public accounting background and held positions throughout the years ranging from corporate secretary to senior vice president and finally president.
The Board of Directors issued the following statement, "Mr. James Prisby has faithfully served Citizens for 30 years, and it is with regret that we announce that he will no longer be a director or an officer. He will be missed by all of those who have had the pleasure and honor of working with him. We wish him the best in his future endeavors."
James Prisby is on vacation and could not be reached for comment.
CFS Bancorp, Inc. is the parent of Citizens Financial Services, FSB, a $1.5 billion asset federal savings bank. Citizens Financial Services provides community banking services and currently operates 22 offices throughout adjoining markets in Chicago's Southland and Northwest Indiana.
The company maintains a Web site at www.cfsbancorp.com.
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