Renton bank chief stepping down
First Savings Bank Northwest Chief Executive Victor Karpiak will leave his position on Sept. 17 and be succeeded by a veteran banker from California, according to the Renton-based company.
Seattle Times staff reporter
First Savings Bank Northwest chief executive Victor Karpiak will leave his position Sept. 17 and be succeeded by a veteran banker from California, according to the Renton-based company.
Joe Kiley, a 56-year-old bank CEO from California, will become the Renton bank's next president and CEO. Kiley couldn't be reached immediately for comment.
The CEO change was one of several management changes announced late Friday by First Savings Bank's parent company, First Financial Northwest: The company also will split an executive position into two — a chief lending officer and chief credit officer — to meet demands from regulators.
Herman Robinson will stay on as the bank's chief credit officer, and the bank promoted Simon Soh to chief lending officer, the company said. The change requires approval from regulators.
First Savings Bank has been operating under an enforcement order since 2010. Karpiak said he expected the order to be lifted later this year after the management changes.
For months, activist shareholder Joseph Stilwell, who is First Financial's largest outside shareholder through Stilwell Partners, has accused Karpiak of incompetence and called for his ouster.
After what Stilwell's group considered a flawed election at the May shareholder meeting, Stilwell's group filed a lawsuit against the company.
Karpiak said stepping down from the CEO job had nothing to do with Stilwell, describing it as part of management succession planning begun in early 2011. Karpiak will stay on as chairman during a transition period, the company said.
Sanjay Bhatt: 206-464-3103 or firstname.lastname@example.org