Citizens First Bancorp, Inc. Announces Changes to its Board of Directors.PORT HURON Port Huron (hy r`ən), city (1990 pop. 33,694), seat of St. Clair co., S Mich., a natural, deepwater port of entry at the junction of the St. Clair River with Lake Huron; inc. 1857. , Mich. -- Citizens First Bancorp
First BanCorp is a financial holding company located in San Juan, Puerto Rico, which offers a full range of financial services in Puerto Rico, US Virgin Islands, the British Virgin Islands, and , Inc. (Nasdaq:CTZN), the holding company for Citizens First Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. (the "Bank"), announced a reorganization of the boards of directors of the Company and the Bank. Thomas E. Kaczperski retired from the Bank's board of directors effective June 23, 2006. Timothy D. Regan, the Chief Financial Officer of the Company and the Bank, was appointed to fill the vacancy created by Mr. Kaczperski's retirement. On July 3, 2006 Mr. Regan resigned from the Company's board of directors, telling the board:
"In the post Sarbanes-Oxley era of corporate governance
many investors, especially institutional investors, in
publicly owned companies believe that the proper role for a
chief financial officer is to serve a company's board of
directors, rather than serve on a company's board of
directors. By resigning from the board of directors of the
Bancorp, and accepting the appointment to succeed Tom on the
board of directors of the Bank, I have the opportunity to
further strengthen the Bancorp's corporate governance, while
continuing to use my background and experience to provide
leadership for Citizens at the Bank level."
The Company's board of directors accepted Mr. Regan's resignation, and increased the number of Company directorships to six. On July 3, 2006, the Company's board appointed Gerald R. Bouchard to complete Mr. Regan's term on the Company's board of directors which ends at the 2007 annual meeting of the Company's stockholders. Mr. Bouchard had served as the City Manager of the City of Port Huron for 32 years prior to his retirement. The Company's board of directors also appointed Robert L. Patterson to the Company's board of directors for a term that will end at the annual meeting of the Company's stockholders in 2008. Mr. Patterson's banking career extends over more than 40 years, including 15 years as the President, Chief Executive Officer, and Chairman of the Board of Directors of Peoples Bank of Port Huron, until its acquisition by the then NBD NBD Next Business Day NBD National Bank of Dubai (United Arab Emirates) NBD No Big Deal NBD Network Block Device (Linux) NBD Nucleotide Binding Domain NBD New Business Development Bancorp. Mr. Patterson served as President of NBD Bank, Port Huron for 5 years after that acquisition. Mr. Patterson will also serve on the Bank's board of directors, and on the Company's audit and nominating committees A nominating committee is a group formed usually from inside the membership of an organization for the purpose of nominating candidates for office within the organization. It works similarly to an electoral college, the main difference being that the available candidates, either . Mr. Bouchard will serve on the Company's audit and nominating committees. The Company's board of directors also appointed Walid Demashkieh, M.D., as its Lead Director, pursuant to the Company's Corporate Governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. Guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. . About Citizens First Bancorp, Inc. Citizens First Bancorp, Inc., through its subsidiary Citizens First Savings Bank, currently serves its customers from 23 full service-banking centers and one loan production office in St. Clair, Sanilac, Huron Huron, city, United States Huron (hy r`än'), city (1990 pop. 12,448), seat of Beadle co., E central S.Dak., on the James River; inc. 1883. , Lapeer, Macomb and Oakland counties.
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