1st Summit Bancorp of Johnstown, Inc. Announces CEO Resignation and Appointment
1st Summit Bancorp of Johnstown, Inc. (OTC Pink: FSMK), the parent company of 1st Summit Bank, has announced a significant leadership transition as Eric Renner has officially submitted his voluntary resignation as President and Chief Executive Officer (CEO) and Director of both the Company and the Bank. The resignation, attributed to personal reasons, will take effect on March 28, 2025.
Mr. Renner has been a key figure in the company’s leadership since joining 1st Summit Bank in June 2020 and later assuming the role of CEO for the parent company in January 2023. Under his leadership, the Bank navigated various industry challenges while continuing to provide exceptional financial services to its customers. His tenure was marked by strategic initiatives aimed at strengthening the institution’s market position and fostering sustainable growth.
In response to Mr. Renner’s decision, Rex W. McQuaide, Esq., Chairman of the Board, expressed appreciation for his contributions. “We appreciate Eric’s dedication and hard work on behalf of the Company and the Bank over the past six years. He has played an essential role in our growth and stability, and we wish him nothing but the best in his future endeavors,” said McQuaide.
Reflecting on his time at 1st Summit, Mr. Renner shared his gratitude and optimism for the future. “I am proud to have been the leader of 1st Summit Bancorp of Johnstown and 1st Summit Bank. Working alongside such a talented team has been an incredible experience, and I wish the Company and its employees continued success as I pursue new opportunities,” said Renner. “I am also pleased that Allison Johnson will be taking over the leadership of 1st Summit. Her expertise and dedication make her the ideal choice to guide the Bank into its next phase.”
With Renner’s departure, the Company has named Allison Johnson as his successor, effective March 28, 2025. Ms. Johnson, currently serving as the Executive Vice President (EVP), Chief Financial Officer (CFO), and Chief Risk Officer of both the Company and the Bank, will now take on the role of President and CEO while continuing her duties as CFO and Chief Risk Officer.
Ms. Johnson brings a wealth of experience to the position, having worked in the banking industry for over seventeen years. Her extensive background includes leading financial institutions through complex restructurings, spearheading enhanced process development, overseeing initial public offerings (IPOs), and managing mergers and acquisitions. Prior to joining 1st Summit Bancorp of Johnstown, she served as the CFO of Mid Penn Bancorp in Harrisburg and Spirit of Texas Bancorp in Houston, where she played a pivotal role in driving financial strategy and operational improvements.
Mr. McQuaide emphasized the Board’s confidence in Ms. Johnson’s leadership. “We are lucky to have someone as strong and capable as Ms. Johnson to step up and lead this organization. Her depth of experience and financial acumen will be invaluable as we navigate the evolving banking landscape. Ms. Johnson has the full support of the Board to continue leading the organization and meet the challenges of the current market,” he stated.
Expressing her enthusiasm for the new role, Ms. Johnson acknowledged the opportunities and challenges ahead. “I appreciate the Board’s trust in me and embrace the opportunity to lead 1st Summit,” said Johnson. “Despite the economic headwinds facing the banking industry, I believe there are immense opportunities for growth, and I am confident in our team’s ability to drive the Bank forward. Our focus will remain on providing excellent financial services to our clients, strengthening our market position, and ensuring long-term success.”
In addition to the leadership transition at the CEO level, the Company has also announced changes to its Board leadership. John W. McCall, who has served as Chairman of the Board of both the Company and the Bank, has resigned from his chairman role but will continue as a board member for both entities.
To fill this vacancy, the Boards of Directors of both the Company and the Bank have appointed Rex W. McQuaide, Esq., a current board member, as the new Chairman of the Board. Mr. McQuaide has been actively involved with the institution and brings a wealth of legal and financial expertise to his new role. His appointment signifies a commitment to continuity and stability during this period of transition.
The leadership changes come at a critical time for 1st Summit Bancorp as the banking industry continues to face economic uncertainties, regulatory shifts, and technological advancements. The Bank remains committed to maintaining its strong financial foundation while adapting to new challenges and opportunities.
Under Ms. Johnson’s leadership, the Bank is expected to continue its emphasis on customer service, financial innovation, and operational efficiency. With a strong executive team in place and a clear strategic vision, 1st Summit Bancorp aims to further enhance its reputation as a trusted financial institution serving its community.
As the March 28, 2025, transition date approaches, the Company will be focused on ensuring a seamless leadership handover, maintaining strong relationships with customers, investors, and employees, and continuing to drive forward its mission of financial excellence.
With the combination of experienced leadership and a dedicated workforce, 1st Summit Bancorp of Johnstown is poised for a future of continued success and growth.
