FOR IMMEDIATE RELEASE
Royal Bancshares, Inc. today announced the retirement of longtime President and Chief Executive Officer, Stephen A. Baden. Mitchell Baden will assume the role of President and Chief Executive Officer at both the bank holding company and its subsidiary, Royal Banks of Missouri.
Steve Baden commented, “I started at Royal 22 years ago, and have been privileged to be the CEO for 21 of those years. It has been my honor to represent our staff and the Board of Directors. I believe strongly in the three principles that I have tried to run the Bank by: follow the law, make a profit, and treat people the way you would like your children treated. I always tried to manage the Bank with those principals in mind. Retiring was a difficult decision, but I’m confident in the management group. I know the Royal team will give Mitch the same support that I was given.”
Mitch Baden said “It is a bittersweet time for me. I am excited to have the opportunity our Board of Directors has afforded me but my best friend and mentor is leaving. Steve’s vision and strong moral fiber guided our company to extraordinary growth in not only size but earnings. I know I cannot replace Steve but I will do everything in my power to continue the legacy of excellence Steve and, our founder, Tom Green established. I’m proud to lead our team as we begin a new decade.” Mitch commented further, “We learned of Steve’s plan to retire earlier this year and are now confident that we will be able to transition very smoothly.”
The company also announced the addition of Scott Sciortino as Senior Vice President and Chief Financial Officer. Mitch Baden said “the addition of Scott brings valuable banking and non-banking experience to our management team. Scott is a strong leader with wonderful financial skills. He brings new and creative ideas to our company. I’m excited to see Scott develop these ideas and bring them to fruition!”
Royal Banks of Missouri is the banking subsidiary of Royal Bancshares Inc. (RBI). RBI is a $700 million financial services company that currently operates throughout the St. Louis Metropolitan area.