News

Friday, October 10, 2003

BankFIRST announces the appointment of Donald J. McGowan as President and CEO

Winter Park - October 10, 2003

James T. Barnes, Jr., Chairman of BankFIRST, announced today on behalf of the BankFIRST Board of Directors the appointment of Donald J. McGowan as President and Chief Executive Officer. He was also appointed to the Board of Directors.

"We waited over two years to fill this vacancy," said Barnes. "Our entire senior management team feels that our patience has been well rewarded in the selection of Don McGowan." Barnes had been serving a temporary tenure as President and CEO until the right person was found to permanently fill the position.

McGowan has a 30-year banking career. From 1987 to 1999, he served as the Founder, President and CEO of Flagship Bank and Trust, a Worcester, Massachusetts commercial bank with over $300 million in assets. Flagship Bank has been recognized as one of the most successful denovo banks in the country specializing in serving small and medium-sized businesses. Flagship Bank was Massachusetts' leading Small Business Administration (SBA) lender. Under his leadership, Flagship won the highest national banking award for product development for its ‘SBA Express Loan Center' which led to McGowan being named ‘National Small Business Financial Services Advocate of the Year.'

Previously, McGowan was President of Bank of Boston, Central Massachusetts Region and has held other executive banking positions in the New England area. Following the sale of Flagship Bank, McGowan moved to Vero Beach, Florida for a brief retirement before joining U.S. Trust Company in Vero Beach. In Vero Beach, he has been engaged in community and charitable organizations including the Riverside Theatre and the Environmental Learning Center. Previously in Massachusetts, he served as Chairman of numerous organizations including The Massachusetts Bankers Association, The Massachusetts Biotechnology Research Institute and The Alliance for Education. McGowan was also a community leader in the health care industry serving as Chairman of Community Healthlink, a Director of the Memorial Hospital and the health maintenance organization- Health Source of Massachusetts.

"I am extremely pleased to be joining the executive team of Anne Fray, Tom Abelmann, Bill Arrowsmith and David Felker," said McGowan. "This is a very professional group that has clearly demonstrated its value and professional expertise over the last several years."

"When Jim Barnes assumed the title of President and CEO, he made it clear to the board that his tenure would be temporary," said Allan Keen, Vice Chairman of BankFIRST. "With the exceptional team of Anne and Tom, and later with the addition of Bill and Dave, we could afford the luxury of waiting for the right person. With Don's Business Banking background, he is absolutely the perfect addition to our executive team."