First Farmers & Merchants Corp. board member Kim Vella has told the company she will not stand for re-election this spring. Vella, a former chief people officer of Tractor Supply, had been on the board since 2012. In a filing with regulators, First Farmers said her decision to stand down is for personal reasons and doesn't reflect any issues with the bank.
Peter Scully, a former leader of Private Business, is in the process of relocating to Nashville an Atlanta company that has built a platform to handle sales of stock in community banks not listed on a stock exchange. Milt Capps at Venture Nashville reports that Scully took over at Community Bank List — the company's brand will soon migrate to BancList — about a year ago and is planning to raise $1 million in capital as he seeks to grow the company's bank customer list more than fourfold this year.
All transactions that result between buyer and seller are direct, with no involvement by BancList, and each must be cleared by the bank that issued the shares. And, all bank shareholders who wish to receive such alerts are advised of shares being proffered, as part of compliance with fair disclosure regulations. BancList's platform thus helps banks' management teams mitigate regulatory-compliance risks.
Hospital chain Iasis Healthcare said this week that director Greg Kranias last Friday resigned his seat after almost five years on the board. The move came because Kranias, 37, also left TPG Capital, the company's controlling shareholder since 2004. There's no word yet on who TPG will name to fill his spot on Iasis' 11-member board. The firm designates nine of those directors.
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