Bear State Bank (“Bank”) and its holding company, Bear State Financial, Inc. (“Company”), announced that the Company’s and Bank’s Board of Directors have elected Matt Machen, current President of Bear State Bank, to become President and Chief Executive Officer of the Company and Chief Executive Officer of the Bank.
Mark McFatridge informed the Bank and Company Board of Directors of his resignation as President and CEO of the Company on January 14, 2017. With the departure of McFatridge, Matt Machen, 35, has been unanimously elected by the Board to serve as President and CEO of both the Company and the Bank. Machen joined Bear State Bank (then First Federal Bank) following a $46.3 million recapitalization of the Bank in 2011 by Bear State Financial Holdings. He successfully led the Bank turnaround in Northwest Arkansas before relocating to Little Rock to become Chief Financial Officer of the Company and the Bank and was promoted to his current role of Bank President in 2016.
“Matt combines strong financial services experience and knowledge of the depth of our management team with a vision for the Company’s future that will be a critical part of our growth and success moving forward,” said Rick Massey, Company and Bank Chairman. “Matt joined our team more than five years ago and has proven to be both a dynamic leader and accomplished at strategy execution. Our board has full confidence in Matt to handle his new responsibilities and feel we are fortunate as a Company to have an executive of his caliber at Bear State.”