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Mark McFatridge
Mark McFatridge

Update: McFatridge on why he left Bear State

Posted online
Last edited 10:45 a.m., Jan. 20, 2017

Mark McFatridge has resigned 15 months after taking over as CEO of Little Rock, Ark.-based Bear State Financial Inc. (Nasdaq: BSF) when the company bought Springfield’s Metropolitan National Bank.

McFatridge informed Bear State’s board of his resignation on Jan. 14. The board then unanimously voted to promote current President Matt Machen to the role of president and CEO, according to a news release. The release did not indicate why McFatridge stepped down. A Bear State official declined to comment on the circumstances behind McFatridge’s departure.

“We have said everything that we are going to say about Mr. McFatridge in the press release,” Bear State Chief Marketing Officer Shelly Loftin said, referring questions to McFatridge.

Reached Thursday afternoon, McFatridge said he made the decision to take a sabbatical and determine what he’d like to do next. McFatridge said the timing of the resignation — reported to the board last Saturday — was “when everything was able to be worked out between the organization and me.”  ??“I turn 50 this year. It’s always been part of my DNA to take looks at milestone events,” he said. “It’s a time to just sit back and reflect.” ??Noting he isn’t considering retirement, McFatridge said he’s not sure what his next steps will be or whether he’ll stay in banking. He plans to remain in Little Rock, where he and his wife are close to moving into a newly constructed house.

“We’ve really come to love Little Rock,” McFatridge said. “It’s a great community - very similar to Springfield.”

McFatridge became CEO of Bear State in October 2015 shortly after the Arkansas company closed on the purchase of Metropolitan National Bank for $70 million in cash and stock. He previously worked since early 2012 as president and CEO of Metropolitan National and also has past experience at Guaranty Bank and OakStar Bank in Springfield. In 2015, McFatridge was named the top local executive as part of SBJ’s Dynamic Dozen awards.

Bear State’s Machen has worked as president of the company for nearly a year and previously was chief financial officer. He joined Bear State — then First Federal Bank — following the $46.3 million recapitalization in 2011 of the company by Bear State Financial Holdings. He was involved in the company’s northwest Arkansas operations before moving to Little Rock to take the CFO job, according to the release.

“Matt Machen will do a great job,” McFatridge said. “It’s been fun to watch Matt continue to grow.”

On Thursday, Bear State reported 2016 earnings of $17.5 million, a 65 percent increase compared with the prior year, according to a separate release. The company operates three branches in Springfield.

McFatridge pointed to Bear State’s earnings, saying the time was right to leave the company.

“I really, frankly just felt it was time to go out on top,” he said.

BSF shares were trading at at $10.20 as of 10:45 a.m., compared with a 52-week range of $7.61 to $10.95.

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