BISMARCK, N.D., July 24, 2013 /PRNewswire/ -- BNCCORP, Inc. (BNC or the Company) (OTC Markets: BNCC), is saddened to announce that the Company's President and Chief Executive Officer, Gregory K. Cleveland, passed away yesterday after a sudden illness. The Company's Board of Directors has appointed Chief Financial Officer Timothy J. Franz to succeed Mr. Cleveland as President and CEO of BNCCORP on an interim basis.
Tracy J. Scott, Chairman of the BNCCORP Board of Directors, said, "Greg Cleveland co-founded BNC with me, and infused the Company with deeply-held values of integrity, a strong sense of right and wrong, great compassion and loyalty, and a solid commitment to family and community. He was a trusted colleague, a successful entrepreneur, and an example of what is best in American business. Greg had the vision to establish BNC and the steady hand to guide the bank through good and bad times. He will be greatly missed."
Mr. Scott added, "In appointing Tim Franz as President and CEO on an interim basis, the Board of Directors has shown its commitment to ensure strong, experienced leadership for BNCCORP to continue the Company's strategies, growth trajectory and record of service to customers and the community."
Gregory Cleveland, age 65, served as an executive officer and director of BNC since he and Tracy Scott founded BNC in 1987. Mr. Cleveland has served as President of BNC since March 1995 and as Chief Executive Officer since November 2000. He served as Chief Financial Officer of BNC from February 1994 to January 1998 and as Chief Operating Officer from January 1998 to November 2000. Mr. Cleveland is survived by his wife Jackie; two daughters, Britt and Shawn, and one grandchild.
Timothy J. Franz, 55, a Certified Public Accountant (Inactive), has served as Chief Financial Officer of BNCCORP, INC. and BNC National Bank since 2006. Mr. Franz started his professional career at KPMG LLP in 1983, and was a partner at KPMG from 1997 to 2003. During his tenure at KPMG he focused on the financial services industry and served Wells Fargo, TCF Bank and several community banks. Mr. Franz has served on BNC National Bank's Board of Directors since 2006 and on BNCCORP, INC.'s Board of Directors since 2013. He has been active in several of BNC's operating committees since joining BNC.
About BNCCORP, Inc.
BNCCORP, INC., headquartered in Bismarck, N.D., is a registered bank holding company dedicated to providing banking and wealth management services to businesses and consumers in its local markets. The Company operates community banking and wealth management businesses in Arizona, Minnesota and North Dakota from 14 locations. BNC also conducts mortgage banking from 11 offices in Illinois, Kansas, Nebraska, Minnesota, Arizona and North Dakota.
This news release may contain "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of BNC. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management are generally identifiable by the use of words such as "expect", "believe", "anticipate", "plan", "intend", "estimate", "may", "will", "would", "could", "should", "future" and other expressions relating to future periods. Examples of forward-looking statements include, among others, statements we make regarding our belief that we have exceptional liquidity, our expectations regarding future market conditions and our ability to capture opportunities and pursue growth strategies, our expected operating results such as revenue growth and earnings, and our expectations of the effects of the regulatory environment on our earnings for the foreseeable future. Forward-looking statements are neither historical facts nor assurances of future performance. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to: the impact of current and future regulation; the risks of loans and investments, including dependence on local and regional economic conditions; competition for our customers from other providers of financial services; possible adverse effects of changes in interest rates, including the effects of such changes on mortgage banking revenues and derivative contracts and associated accounting consequences; risks associated with our acquisition and growth strategies; and other risks which are difficult to predict and many of which are beyond our control. In addition, all statements in this news release, including forward-looking statements, speak only of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
SOURCE BNCCORP, Inc.