As Citizens Bank announces a major milestone, the company’s chief executive is making plans to step down.
Citizens Bank CEO Phil Baldwin has announced that he plans to retire in 2021. Baldwin has led Citizens Bank since 2014, more than doubling its assets and net income during that time period.
Before joining Citizens Bank, he served as the president and CEO of CredAbility from 2011 to 2013 and as the president and CEO of Southern Bancorp from 2000 to 2011.
“When I first came to Citizens Bank, I came with a goal of exceeding the one billion dollars in total assets milestone. Now, six years later, I’m excited to celebrate this accomplishment with our employees and board of directors. I am also very proud of the People First mission statement. I believe Citizens Bank is uniquely positioned for future success,” Baldwin said in a statement.
As of August 2020, Citizens Bank has exceeded the goal that Baldwin set six years ago. Citizens Banks is now one of the few Arkansas banks with more than $1 billion in assets.
“Exceeding $1 billion in total assets is a major milestone and a testament to the confidence our customers have in the people of Citizens Bank,’” Baldwin said. “Board Chairman, Jeff Teague set this as a primary goal when he asked me to join Citizens Bank and I am proud we have achieved this goal together. To us it’s not just about reaching a billion dollars in size, it’s about fulfilling the banks mission statement, which is People First.
A successor has been named to take the helm once Baldwin retires. Chief lending officer and president Adam Mitchell is set to succeed Baldwin when he retires on June 30, 2021. Once Baldwin retires, he will continue to serve on the board of directors.
Mitchell joined Citizens Bank in 2018, having previously served as executive vice president and chief retail officer at Simmons Bank. In that role, Mitchell oversaw “overseeing branch performance, staffing and service and sales delivery,” according to a Citizens Bank news release.
Headquartered in Batesville, Citizens Bank was founded in 1953.