On Thursday, there were plenty of companies that had been in the news following key announcements, and one of those was First Farmers & Merchants Corp. (OTC:FFMH). The bank announced yesterday that it had appointed a new Chief Credit Officer in the form of Jennifer J. McConnell.
The Chairman and Chief Executive Officer of First Farmers & Merchants Corp., Brian K. Williams, spoke at length about the appointment. He stated that McConnell’s banking career spanned 27 years and included considerable experience in relationship management, credit risk management, and portfolio management.
It was also revealed that McConnell would transition into the role with the guidance of Andy W. Davis, who served as the Chief Credit Officer at the bank for the previous 8 years. Williams commended Davis for having brought about considerable improvement in loan quality, reduced loan losses, and also maintained a robust credit culture.
However, perhaps more importantly, he stated that the people at First Farmers & Merchants Corp. had known McConnell for a number of years. Williams stated that the considerable experience she held in the fields of commercial lending and in a number of executive-level leadership positions were significant factors in making the appointment. He went on to note that the significant work she had accomplished with small businesses would also help in boosting some of the business banking-related business initiatives of First Farmers & Merchants Corp.
Prior to his appointment at First Farmers & Merchants Corp., McConnell had served as the Executive Vice President for Miami, Florida-based Bank United. She had also been the Managing Senior Credit Officer for the Retail/Small Business, Commercial, SBA, and Equipment-Franchise Financing Divisions for the bank. It now remains to be seen how the market reacts to the new appointment. Investors could consider keeping an eye on the stock.