Range Bank News

March 2018

RANGE FINANCIAL CORPORATION DECLARES DIVIDEND

For Immediate Release: Marquette, MI: Range Financial Corporation, the holding company for Range Bank N.A., declared a quarterly cash dividend of $1.35 per share payable on March 15, 2018 to the shareholders of record on March 1, 2018. “This is the first cash dividend declared this year and we are pleased with our financial performance to start 2018,” said Kenneth Palmer, CEO. 

Range Bank currently manages over $757 million in assets and services customers through 12 offices located in Marquette, Dickinson and Houghton Counties and Green Bay, Wisconsin. As a full service bank with over 130 years in business, the bank services business, consumer, trust and investment customers. For more information, visit www.rangebank.com.

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December 2017

RANGE FINANCIAL CORPORATION DECLARES DIVIDEND

For Immediate Release: Marquette, MI: Range Financial Corporation, the holding company for Range Bank N.A., declared a quarterly cash dividend of $1.35 per share payable on December 15, 2017 to the shareholders of record on December 1, 2017. This dividend marks an increase of $.05 per share over the $1.30 per share dividend paid to shareholders of record in September of this year. “This is the fourth cash dividend declared this year bringing the total year to date dividend to $5.25 per share,” said Ken Palmer, CEO. “The increase in the dividend marks the growth in assets and earnings that we have seen in 2017 and we are pleased to close the year with such a strong financial performance.”

Range Bank currently manages over $758 million in assets and services customers through 12 offices located in Marquette, Dickinson and Houghton Counties and Green Bay, Wisconsin. As a full service bank with over 130 years in business, the bank services business, consumer, trust and investment customers. For more information, visit www.rangebank.com.

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October 2017

RANGE FINANCIAL CORPORATION DECLARES DIVIDEND

For Immediate Release: Marquette, MI: Range Financial Corporation, the holding company for Range Bank N.A., declared a quarterly cash dividend of $1.30 per share payable on September 15, 2017 to the shareholders of record on September 1, 2017. “This is the third cash dividend declared this year” said Kenneth Palmer, President. “We are continuing to see a solid financial year as 2017 enters the final quarter and we expect to finish the year strong.”
Range Bank currently manages over $723 million in assets and services customers through 12 offices located in Marquette, Dickinson and Houghton Counties and Green Bay, Wisconsin. As a full service bank with over 130 years in business, the bank services business, consumer and trust and investment customers. For more information, visit www.RangeBank.com.

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September 2017

RANGE BANK ANNOUNCES LEADERSHIP TRANSITION
Roxanne M. Daust Will Succeed Longtime CEO Kenneth A. Palmer, Who Will Retire in 2018

For Immediate Release: Kenneth A. Palmer, the longtime chairman, president and CEO of Range Financial Corp. has announced he will retire on June 1, 2018. He will be succeeded by Roxanne M. Daust, who has served Range Bank in several leadership roles over the past two decades.

The Range Financial Board of Directors unanimously selected Daust, who currently serves as executive vice president, to the new roles of president and chief operating officer, effective September 1, 2017. In the coming months, she will work closely with Palmer, who will remain chairman and CEO until his retirement, to ensure a smooth leadership transition.

During his 19-year tenure at the helm of Range Bank, Palmer, expanded its footprint and scope of services, growing it into one of the largest community banks serving the Upper Peninsula. He is ending a nearly five-decade career in the financial services industry at Range Bank, which now has 112 employees working in 11 branches in three Michigan counties, along with a loan production office in Green Bay, Wisconsin.

“Ken has served Range Bank exceptionally well since joining us in 1998,” said Dr. John F. Pillote, lead independent director. “His steady hand and conservative approach allowed us to weather the Great Recession much better than our competitors. In fact, we were one of the only banks in Michigan that continued to grow during the downturn.

“Ken understands the key role that community banks play in the financial health and long-term success of the communities where we live and work. On behalf of the entire board of directors, along with our shareholders and employees, we wish him all the best in his retirement.”

Palmer joined Range Financial, the holding company for Range Bank, as its chairman, president and CEO in 1999. He is the seventh president in the bank’s history since its founding in 1887. Key achievements under his leadership include:

     • Significantly growing assets under management

     • Expanding the bank’s footprint in – and beyond – the Upper Peninsula

     • Establishing a trust & and wealth management department

     • Acquiring First National Bank of Calumet-Lake Linden

     • Moving the headquarters to Marquette

     • Supporting dozens of local community organizations through financial contributions and personal volunteering

     • Earning numerous awards for business and civic engagement

Palmer also served as a director of the Federal Reserve Bank of Minneapolis for three years. He currently serves as chair of the advisory board for Northern Michigan University’s College of Business and as a board member of the Negaunee City Police Retirement Fund.

Throughout his tenure with the bank, Palmer has served in numerous leadership roles in the community, including on the boards of Michigan Association of Community Bankers, Marinette and Menominee Hospital, Northern Michigan University Development Fund, Lake Superior Community Partnership and the Marquette County Ambassadors, among others. He is a past president of the Menominee Lions Club and a past chair of the Michigan Catholic Conference Pension Board.

Prior to joining Range Bank, Palmer held positions with First of America Bank and Associates Finance.

“It has been a privilege to lead Range Bank for nearly two decades,” Palmer said. “I am very proud of what my team and I have been able to accomplish for our stakeholders during this time.

“Roxanne has played a key role in Range Bank’s success. Her vision, expertise and track record make her a natural choice as my successor, and she has my full support, along with the support of the board.”

Daust joined Range Bank in 1997 as chief financial officer and senior vice president. In these roles, she was responsible for the finance and operations areas of corporate and the bank, leading Range Bank in identifying and implementing new technologies. Daust played a key role in the First National Bank merger, consolidating backroom functions to successfully merge the two banks into a single entity.

She was promoted to executive vice president in 2011. In this role, she has been jointly responsible with Palmer for the day-to-day operations of the bank and has worked to grow assets under management. Daust has led the development and implementation of a strategic corporate plan and successfully helped to launch the trust & wealth management division.

“Ken has done an exceptional job leading Range Bank, and it has been an honor working with him,” Daust said. “He embodies the true spirit of community banking, which always strives to put the community first.

“I am honored to be selected to succeed Ken. We have been a great team, and I look forward to continuing to build on our accomplishments well into the future.”

Active professionally and within the community, she serves on numerous boards and committees, including Teaching Family Homes, Operation Action U.P., UPPCO and Lake Superior Community Partnership, where she serves as treasurer. She is a past president of the Marquette Area Zonta Club and past Group 1 president of the Michigan Bankers Association. She also serves on the dean advisory council for Northern Michigan University’s School of Business.

Daust began her banking career with MFC First National Bank in Marquette. She also served as an auditor with Anderson, Tackman & Company CPA in Marquette.

A graduate of the University of Wisconsin-Madison Graduate School of Banking, Daust holds a Bachelor of Science degree in computer information systems and accounting from Northern Michigan University. She can be reached by phone at (906) 228-8043 or at the Range Bank headquarters located at 100 North Front Street in downtown Marquette.

More about Range Bank

Range Financial Corporation is the holding company that owns Range Bank, which has over $724 million in assets under management and serves its customers through twelve branch offices in Marquette, Dickinson, Houghton and a Loan Services Office in Brown County. Range Bank is a full-service community bank and leader in providing financial solutions to consumers, small businesses and commercial clients. Helping individuals and families throughout the area, the Bank has grown into one of the region’s most stable and well-known financial institutions. To learn more about Range Bank, visit RangeBank.com or call (906) 226-1025.

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June 2017 

RANGE FINANCIAL CORPORATION DECLARES DIVIDEND

For Immediate Release: Marquette, MI: Range Financial Corporation, the holding company for Range Bank N.A., declared a quarterly cash dividend of $1.30 per share payable on June 15, 2017 to the shareholders of record on June 1, 2017. “This is the second cash dividend declared this year” said Kenneth Palmer, President. “We continue to be pleased with our financial performance and expect to continue on our path of outstanding financial performance during the second half of 2017.”
Range Bank currently manages over $720 million in assets and services customers through 13 offices located in Marquette, Dickinson and Houghton Counties and Green Bay, Wisconsin. As a full service bank with over 130 years in business, the bank services business, consumer and trust and investment customers. For more information, visit www.RangeBank.com.

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March 2017 

RANGE FINANCIAL CORPORATION DECLARES DIVIDEND

December 2016

RANGE FINANCIAL CORPORATION DECLARES DIVIDEND

September 2016

RANGE FINANCIAL CORPORATION DECLARES DIVIDEND

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March 2016

RANGE FINANCIAL CORPORATION DECLARES DIVIDEND

For Immediate Release: Marquette, MI: Range Financial Corporation, the holding company for Range Bank. N.A., declared a quarterly cash dividend of $1.30 per share payable on March 15, 2016 to the shareholders of record on March 1, 2016. “This is the first cash dividend declared this year,” said Kenneth Palmer, President. “We are pleased with our strong financial start to 2016 and we expect to continue on our path of outstanding financial performance throughout the year.”

For more information, visit www.RangeBank.com.

About Range Bank

Range Financial Corporation is the holding company that owns Range Bank which has over $653 million in assets under management and serves its customers through twelve offices in Marquette, Dickinson and Houghton Counties.  Range Bank is a premier full-service bank and a leader in providing financial solutions to consumers, small businesses, and commercial clients.  Helping individuals and families throughout the area, the Bank has grown into one of the region’s most stable and well known financial institutions.

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December 2015

RANGE FINANCIAL CORPORATION DECLARES DIVIDEND