Charles “Chip” N. Reeves will become new CEO of MidWestOne Financial Group, parent company of MidWestOne Bank, effective Nov. 1.
He succeeds former CEO Charlie Funk, who will continue as a special advisor through April 2023.
Mr. Reeves brings a “demonstrated track record of driving growth for community, regional and national institutions” and has experience successfully “managing fully intregrated banking units across multiple lines of business,” according to a release.
“Following an extensive search to find the right candidate to lead our organization, we are excited to welcome Chip to MidWestOne,” said Kevin Monson, company and bank chairman of the board. “He has 32 years of broad-based banking experience in both robust and distressed economic environments, as well as rural and metro markets. Chip is equally skilled at building and developing leadership teams to foster long-term relationships, and help customers and communities succeed.”
Most recently, Reeves served as president, CEO and director of Beach Bancorp, Inc., parent company of Beach Bank, a Fort Walton Beach, Florida-headquartered community bank.
Prior to that, he was president and COO of Bank of the Cascades, a $3.2 billion publicly traded financial services company with operations in Oregon, Idaho, and Washington.
Mr. Reeves worked 22 years with Fifth Third Bancorp in several roles including executive vice president, head of commercial banking in Chicago and market president for Fifth Third Bank in Chicago. As market president, he managed all activities in the Chicago-Northern Indiana region.
“I am excited to join MidWestOne and for the opportunities we have ahead of us and I’m humbled by the legacy that Charlie Funk leaves,” said Mr. Reeves. “He prioritized integrity and community banking and led the organization from less than $500 million in assets and approximately 200 employees in 2000, to nearly $6.5 billion in assets and more than 800 employees today.”
Mr. Funk joined MidWestOne in November 2000 and has served as CEO since March 2008. He was president of the company and the bank from November 2000 to July 2020.
In August, Mr. Funk was airlifted to Vancouver General Hospital from a “serious bicycling accident” on vacation where he broke his neck and sustained a spinal cord injury. His recovery can be tracked on the family’s CaringBridge page. Following the accident, president and COO Len Davaisher was named interim CEO.
A plan was already in place to find a new CEO last February as Mr. Funk was expected to retire this year.
“We have traveled many miles together these past 22 years,” said Mr. Funk. “Our board of directors has made an excellent choice for the next CEO of MidWestOne. We have built a strong foundation and I am confident that Chip will provide the leadership that will take MidWestOne to new heights.”
MidWestOne Financial Group Inc. is a financial holding company headquartered in Iowa City. The group operates banking offices in Iowa, Minnesota, Wisconsin, Florida and Colorado.