Succession Plan Underway as Park Plans Move to Executive Chairman With Next CEO Named in Early 2022
WESTFIELD CENTER, October 22, 2021 – Chairman and CEO Jon Park, who opened the doors to Westfield Bank as “employee number one” and spent the next two decades building a financial institution with total assets of $2.0 billion, will retire on March 1, 2023.
“Over the past 21 years, I have had the honor of working with a team of energetic, passionate, and dedicated people to grow Westfield Bank into the great organization it is today. I am proud to have built an organization that has been publicly recognized by NorthCoast 99 for the second year in a row for top talent along with an Award for Excellence in the finance and insurance industry,” Park said. “I know I’ll be leaving Westfield Bank in more than capable hands.”
A four-person committee of outside directors drawn from Westfield Bank’s Board of Directors is managing the CEO selection process and will forward its recommendation to the Board, which plans to select the next CEO in early 2022. Westfield Bank President Michael Toth has been identified as a leading CEO candidate.
“Our comprehensive succession plan is moving forward,” said Nancy Heinen, lead independent director. “In addition to Mike Toth, we’ll be evaluating several qualified external candidates. Today, though, we want to pause and salute the work that Jon Park did in literally building a stellar financial institution from scratch.”
As part of Westfield Bank’s succession plan, upon the naming of a CEO, Park will move into the role of Executive Chairman, continuing as an advisor, mentor, coach, and facilitator of all bank governance responsibilities until his retirement.
Park began his career as a CPA with Ernst & Young, specializing in banking. He also has been a CFO at Summit Bank in Akron, Signal Bank in Wooster, and Financial Stocks Inc., in Cincinnati.
Among other measures of quality, Westfield Bank in October 2021 again received the highest five-star, or superior, rating from national bank research company BauerFinancial. Bauer’s ratings are based on an analysis of factors such as banks’ profits, loan quality, liquidity, and capital.
“I’m very proud of what we’ve accomplished together,” Park said, “and I know Westfield Bank is in an enviable position to continue on with a very talented team, loyal customers, and rock solid financial condition.”
About Westfield Bank
Since its founding in 2001, Westfield Bank has become one of the leading financial institutions in Northeast Ohio. Westfield Bank provides comprehensive personal, business, and agency banking products and services.
A testament to the positive work culture and efforts in attracting, developing, and retaining top talent, Westfield Bank was honored with a 2021 NorthCoast 99 Award by ERC. The award recognizes the top 99 employers in Northeast Ohio that make a notable difference in the lives of their employees and the economic vitality of their communities. Additionally, the Bank was awarded a Top Workplaces 2021 award from The Plain Dealer and cleveland.com for the second year in a row. A workplace that embraces creative thinking, the importance of collaboration, and encourages an innovative mindset are signature to the work philosophy at Westfield Bank and the work environment that supports a positive work-life balance for employees.
Westfield Bank has grown to manage more than $2 billion in assets. The group’s motto — Sharing Knowledge. Building Trust. — is lived out each day by employees across Northeast Ohio.
