Longtime Citizens Financial Bank executive Thomas Prisby plans to retire Dec. 30 as chairman and chief executive officer.
Prisby, who served nearly 30 years with the Munster-based bank, also was appointed chairman emeritus of the bank's parent company CFS Bancorp Inc. until the end of 2013.
Bank President and Chief Operating Officer Daryl Pomranke will become CEO and has been appointed to CFS Bancorp's board of directors upon Prisby's retirement. He will retain the role of president for both the bank and CFS Bancorp.
Robert Ross, a CFS Bancorp and bank director since 2004, has been appointed to serve as company chairman.
Prisby joined the bank in 1982 as executive vice president. He served as president and chief operating officer from 1989 until he was named chairman and chief executive officer in 1996. Two years later, he became CFS Bancorp chairman and CEO following an initial public offering of stock.
During Prisby's tenure, the bank grew from three branches in Indiana and $224 million in assets to 22 branches in Indiana and Illinois and $1.2 billion in assets as of Sept. 30. The bank's acquisition of SuburbFed Financial Corp. in July 1998 helped the bank's deposit and branch growth.
Gregory Blaine, the company's lead independent director, said a statement Monday that "Tom has served the company, its shareholders, employees and clients well during his years and chairman and CEO. His banking skills and industry knowledge helped guide Citizens for three decades."
Blaine added the bank will continue drawing on Prisby's expertise while in the chairman emeritus role.
"Citizens has a history of client and community service dating back to its beginning in 1934," Prisby said in a statement. "Our strategies and business plans have changed dramatically over those years and the current challenges in the bank industry have never been greater.
"With the support of the board of directors, we have built a management team with the expertise and leadership skills that not only support the service culture, but one skilled to manage through these intense and difficult economic times."