The Bank Slate


MidWestOne in Iowa hires banking vet as next CEO

MidWestOne Financial Group in Iowa City has its next CEO lined up.

The $6.4 billion-asset company said in a press release that Chip Reeves will take over the role on Nov. 1. Reeves previously served as president and CEO of Beach Bancorp in Fort Walton Beach, Fla., which was recently sold to First Bancshares in Hattiesburg, Miss.

Reeves will succeed Charlie Funk, who is retiring. Len Devaisher, MidWestOne’s president and chief operating officer, has been serving as interim CEO while Funk recovers from a bike accident.

Funk will remain with MidWestOne through April as a special advisor to ensure a seamless transition. He will also remain on the board.

“Following an extensive search to find the right candidate to lead our organization, we are excited to welcome Chip to MidWestOne,” Kevin Monson, the company’s chairman, said in the release.

Reeves “has 32 years of broad-based banking experience in both robust and distressed economic environments, as well as rural and metro markets,” Monson added.

Before joining Beach, Reeves as president and chief operating officer at Bank of the Cascades.

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