First Financial Service Corporation Announces the Promotion of Gregory Schreacke to President
ELIZABETHTOWN, Ky.--(Business Wire)--The Board of Directors of First Financial Service Corporation
(NASDAQ: FFKY), located at 2323 Ring Road, Elizabethtown, Kentucky,
recently appointed Gregory S. Schreacke to the position of President.
Mr. Schreacke has served as Executive Vice President / Chief Financial
Officer since January, 2004. Mr. Keith Johnson, who has served as
Chief Executive Officer and President for the past ten years, will
continue as Chief Executive Officer and Mr. Schreacke will report
directly to Mr. Johnson.
"I am very pleased to announce Mr. Schreacke's promotion to
President," commented Mr. Johnson. "His technical skills have been a
tremendous resource for the Company during the past four years."
Professionally, Mr. Schreacke has been a licensed Certified Public
Accountant since 1992 and is a member of the American Institute of
Certified Public Accountants. Mr. Schreacke received his MBA from
Quincy University, in Quincy, Illinois after receiving his B.S. degree
in accounting from the University of Illinois at Urbana-Champaign.
"During his tenure at First Financial Service Corporation, he has
demonstrated strong leadership qualities. He is highly respected in
our community as well as the banking industry," remarked Mr. Johnson.
Mr. Schreacke currently serves on the Board of Directors for United
Way of Central Kentucky, is Chairman of the Community Investment Team
for United Way of Central Kentucky, a member of the Elizabethtown A.M.
Rotary Club, the Finance Committee for the St. James Catholic Church,
and a participant in the 2007-2008 Leadership Elizabethtown Class.
Since Mr. Schreacke's appointment to EVP/CFO, the Company's total
assets have increased from $664 million to $873 million. The Company
has experienced growth in total loans and deposits of 37% and 51%,
respectively. "More important than the growth achieved during the past
four years is the anticipated future growth of the organization," said
Mr. Johnson. "We have five new banking centers currently under
development and anticipate opening all five of these locations within
the next couple of years. Further, Mr. Schreacke's promotion will
allow us to focus more attention on growth opportunities such as new
products, services, and new geographic markets for organic growth and
acquisition candidates. We work well together as a team and I look
forward to the new opportunities this promotion will bring to the
Company."
"I truly appreciate this opportunity," commented Mr. Schreacke.
"We are blessed in our organization to have hard working associates
who care about our customers and are dedicated to the communities we
serve. The commitment of our associates to providing superior customer
service has been a key driver of the success of our Company. Together,
we have an exciting future as we continue to build on our rich 85 year
history and create value for our associates, customers and
shareholders."
First Financial Service Corporation of Kentucky is the parent bank
holding company of First Federal Savings Bank of Elizabethtown, which
was chartered in 1923. Today, the Bank serves Central Kentucky through
its 15 full-service banking centers, a mortgage center and a corporate
banking center.
This press release contains forward-looking statements under the
Private Securities Litigation Reform Act of 1995 that are subject to
certain risks and uncertainties that could cause actual results to
differ materially from historical income and those presently
anticipated or projected. The Company cautions readers not to place
undue reliance on any such forward looking statements, which speak
only as of the date of this release. Such risks and uncertainties
include those detailed in the Company's filings with the Securities
and Exchange Commission, risks of adversely changing results of
operations, risks related to the Company's acquisition strategy, risk
of loans and investments, including the effect of the change of the
local economic conditions, risks associated with the adverse effects
of the changes in interest rates, and competition for the Company's
customers by other providers of financial services, all of which are
difficult to predict and many of which are beyond the control of the
Company.
First Financial Service Corporation's stock is traded on the
Nasdaq National Market under the symbol "FFKY." Market makers for the
stock are:
-0-
*T
Keefe, Bruyette & Woods, Inc. FTN Midwest Securities
J.J.B. Hilliard, W.L. Lyons Howe Barnes Investments, Inc.
Company, Inc.
Knight Securities, LP
*T
First Financial Service Corporation
B. Keith Johnson, Chief Executive Officer, 270-765-2131
Copyright Business Wire 2008
