Banking veteran Dwayne Sieck has been hired as the new president of CBI Bank & Trust, the bank’s parent company Central Bancshares, Inc. announced Thursday, Jan. 11.
In a news release, the board of directors of Central Bancshares also announced Mr. Sieck will succeed Greg Kistler, president and CEO of Central Bancshares and CEO of CBI Bank & Trust, upon his retirement, effective Dec. 31, 2024.
Mr. Sieck brings 26 years experience in the financial services industry with a focus on banking, investments, and commercial real estate to his new position. In early 2021, he founded a real estate investment firm, Farnam Street Real Estate Capital, based in Omaha, Nebraska.
He previously served as the president and chief operating officer of Mutual of Omaha Bank. During his 12 years there, the bank grew from $600 million in assets to nearly $9 billion in assets scaled across 17 cities and nine states – putting it in the top 3% of all banks nationally by total assets.
The new CBI president also previously held positions with Principal Financial Group in Des Moines, Key Bank in Kansas City, and CIT Bank, which acquired Mutual of Omaha Bank in 2020.
“Dwayne is uniquely qualified to succeed Greg, who has been our CEO since 2010,” Dan Stein, board chairman of Central Bancshares, said in the release. “The opportunity for them to work together over the coming year will ensure a smooth transition for the leadership of our company.”
The new leadership addition comes on the heels of Central Bancshares’ 2023 acquisition of Moline-based SENB.
In the release, Mr. Sieck called it “an honor to serve the communities that CBI has been serving for generations.”
“I am looking forward to working with such a talented and experienced team at CBI, who put our clients first,” he said. “The team clearly understands and knows that community banking, when done well, acts as the lifeblood that preserves and strengthens the health of businesses and families in our communities.”
CBI Bank & Trust, based in Muscatine, and F&M Bank, a division of CBI Bank & Trust, based in Galesburg, Illinois, serves approximately 50,000 consumers and businesses through 23 branches. Locations include Bettendorf, Buffalo, Coralville, Davenport, Kalona, Muscatine, Walcott, Washington and Wilton in Iowa, and Brimfield, Buffalo Prairie, Galesburg, Moline, Monmouth and Peoria in Illinois, as well as the stateline region (Roscoe/Beloit) of Illinois and Wisconsin.
Mr. Sieck earned his bachelor of arts degree in finance with minors in economics and business communications with an emphasis in real estate from the University of Northern Iowa. He also is a graduate of the Southwestern Graduate School of Banking program at Southern Methodist University in Dallas, Texas. For the past two academic years, he has served on the faculty at the Southwestern Graduate School of Banking.
Mr. Sieck recently completed his second, three-year term on the Kansas City Federal Reserve Bank Board as a bank director for the Omaha branch. He also served nine years on The University of Northern Iowa’s Real Estate Advisory Council, including three as chair.
Mr. Sieck grew up in Maynard, Iowa, a small farming community in northeast Iowa. After graduating from UNI, he married his college sweetheart Angie (Nicholson), who grew up in Muscatine. The couple have three teenage children: Lauren, Kristen and Nathan.
“Angie and I are blessed for the opportunity to return to the Pearl of the Mississippi, Muscatine, and Iowa where our roots were established,” he said in the release.
