Guaranty Bank chairman, former CEO to retire

The board chairman and former CEO of Guaranty Federal Bancshares Inc. (Nasdaq: GFED) will retire this spring after hitting the company’s mandatory retirement age of 72.

Don Gibson’s retirement will be effective May 25 prior to the start of the company’s annual stockholder meeting, according to a news release.

Gibson worked as president and CEO of Guaranty Bank’s holding company from January 2002 to February 2005. He became chairman a month later.

"On behalf of the board and all of our employees, I would like to thank Don for his tenure with our company and for his 55 years of service to the banking industry,” Guaranty President and CEO Shaun Burke said in the release. “He has been an integral part of our success and his experience has made him a valuable member and resource to the company and the board of directors.”

Prior to joining Guaranty, Gibson was a longtime executive at Great Southern Bancorp Inc., for which his last title was vice chairman. He also worked a brief stint as president of Sinclair National Bank in Gravette, Ark., according to Guaranty’s investor relations website.

As Guaranty chairman, Gibson earned total compensation of $29,120 in fiscal 2014, according to the company’s latest proxy statement.

Gibson’s retirement announcement follows that of H. Michael Mattson, the company’s 10-year chief lending officer. He’s scheduled to exit the company June 30.