LBC Bancshares, parent company of Calumet Bank, announced the unaudited financial results for the second quarter of 2018. The company reported net income of $585 thousand, or $0.37 thousand per diluted share, for the second quarter of 2018, compared with $309 thousand, or $0.19 per diluted share for the second quarter 2017. Return on average assets was 1.18% for the second quarter of 2018 as compared to .73% for the second quarter of 2017.
Calumet Bank Names Mike Phillips As New Chief Strategy Officer
Calumet Bank is proud to announce that Mike Phillips has joined its leadership team in the role of Chief Strategy Officer. In this newly created position, Mike will work with Calumet’s management team to accelerate the design and execution of the bank’s strategic growth and efficiency goals. Through this position, he will also offer direct support to the finance, accounting, human resources and risk management teams.
“I am honored to have this opportunity to be a part of the team at Calumet Bank, with its foundation of personalized, relationship-based service,” Mike said. “Calumet Bank is known for going above and beyond. It values relationships over simple transactions. This hands-on approach is what sets us apart: We customize and adapt our services to what our customer needs,” he added.
Mike brings deep expertise in community banking and the financial service industry as a whole. Prior to this, he served as Director of Corporate Services at State Bank and Trust in Atlanta. During his 30-plus year career, he has also held senior leadership positions at TalentQuest and Flag Bank in the Georgia region.
He earned his Bachelor of Science (BS) degree in business administration and computer science from Troy University, Troy, AL, and his masters of business administration (MBA) from Fairfield University, Fairfield, CT. Mike is a graduate of the University of Wisconsin’s School for Bank Administration in Madison and is a graduate of the Louisiana State University Graduate School of Banking in Baton Rouge. Mike also serves as an instructor for the Center for Financial Training, Norwich, CT.
Mike maintains multiple advanced professional certifications including Certified Management Accountant (CMA), Certified Financial Manager (CFM), Certified Risk Professional (CRP), Certified Internal Controls Auditor (CICA), and Certified Treasury Professional (CTP). He is an active member of such professional industry associations as the Institute of Management Accountants (IMA), the Bank Administration Institute (BAI), the Association for Financial Professionals (AFP), and the Information Systems Audit and Control Association (ISACA).
Locally, Mike is a member of the LaGrange/Troup County Leadership Troup Class of 2016-2017 and says he looks forward to serving the community both personally and professionally. A native of Andalusia and long-term resident of Troy, Alabama, he and his wife of 30 years, Teresa, are excited to call LaGrange home. They worked in the city in the mid-90s at Flag Bank and are amazed at its growth since. “Troup County was impressive then but we can’t believe how it has progressed while still maintaining its spirit of community,” Mike said.
Mike Phillips, Chief Strategy Officer and EVP, recently wrote an article on the importance of management accounting expertise within small and medium-sized enterprises (SMEs). Click here to read the article.
Calumet Bank proudly participated in the campaign ‘Leaving LaGrange Better Than We Found It,’ on Friday, April 20, 2018. Several employees spent the morning picking up trash and debris along Calumet Center Park.
Calumet Bank and THINC College and Career Academy have begun a Student Shadowing Program that will allow THINC students to work alongside Calumet Bank team members on Saturday mornings.
Another great article from Calumet Bank’s Mike Phillips, Chief Strategy Officer and EVP. Click here to see how Faster Payments may impact your small business.