ServisFirst Bank Appoints New Chief Financial Officer
ServisFirst Bank, a subsidiary of ServisFirst Bancshares (NYSE: SFBS), has announced the appointment of David Sparacio as its new Chief Financial Officer (CFO), following an extensive national executive search conducted by Chartwell Partners. Sparacio, a highly experienced financial executive with over three decades of expertise in banking and financial management, is set to assume the role officially on March 10, 2025. His appointment marks a pivotal step in strengthening ServisFirst Bank’s financial leadership, reinforcing its commitment to excellence in financial operations, regulatory compliance, and strategic growth.
Tom Broughton, Chairman, Chief Executive Officer, and President of ServisFirst Bank, expressed strong confidence in Sparacio’s ability to drive the bank’s financial initiatives forward. “David brings an exceptional level of expertise in financial leadership, strategic planning, and regulatory compliance,” Broughton stated. “His extensive background in corporate finance, accounting, and operational leadership positions him as a tremendous asset to ServisFirst Bank. We are confident that his leadership will play a vital role in advancing our financial initiatives and supporting our continued growth.”
Extensive Experience in Financial Leadership
With an extensive background in financial operations, regulatory reporting, and strategic planning, David Sparacio is uniquely equipped to take on this critical role within ServisFirst Bank. Throughout his career, he has successfully led large accounting teams, implemented financial control structures, and spearheaded high-level initiatives to enhance efficiency and regulatory compliance within top-tier financial institutions. His wealth of experience in mergers and acquisitions, financial system integrations, and corporate finance ensures that he will contribute meaningfully to ServisFirst Bank’s long-term growth strategy.
In his new role as CFO, Sparacio will oversee financial strategy, regulatory reporting, and accounting operations. His leadership will be instrumental in maintaining ServisFirst Bank’s reputation for financial strength and operational excellence. Given the constantly evolving financial landscape, his expertise in navigating regulatory frameworks and ensuring compliance with industry standards will be invaluable to the bank’s continued success.
Academic and Military Background
David Sparacio holds an impressive academic background, reflecting his dedication to lifelong learning and professional development. He earned a Bachelor of Science in Accounting from the University of New Orleans and later pursued a Master of Business Administration from Loyola University New Orleans. His commitment to strategic leadership led him to complete a Master of Strategic Studies from the U.S. Army War College, further enhancing his ability to lead in complex and high-stakes environments.
In addition to his distinguished career in finance, Sparacio has a long and honorable tenure in the U.S. Army Reserve, where he has served since 1991. Currently holding the rank of Colonel, he has demonstrated strong leadership, discipline, and a commitment to service that extends beyond the financial sector. His military experience has equipped him with strategic decision-making skills, crisis management capabilities, and a results-driven approach—attributes that will undoubtedly contribute to his success as CFO of ServisFirst Bank.
Leadership Transition and Strategic Vision
The transition in leadership comes at a crucial time for ServisFirst Bank. Since October 2024, Ed Woodie has served as interim Chief Financial Officer, providing stability and steady leadership during the transition period. Woodie’s contributions have been instrumental in maintaining the bank’s strong financial position while the search for a permanent CFO was underway.
With Sparacio set to take over the CFO role in March 2025, ServisFirst Bank is well-positioned to continue its trajectory of financial strength and long-term growth. His leadership will be key in shaping the bank’s financial strategy, enhancing operational efficiency, and ensuring compliance with evolving regulatory requirements.
Commitment to Excellence and Financial Innovation
ServisFirst Bank has built a reputation for its commitment to excellence in financial services, offering innovative banking solutions and maintaining a strong focus on customer satisfaction. As the banking industry continues to evolve with advancements in financial technology and regulatory changes, the role of the CFO has become increasingly complex.
With Sparacio at the financial helm, ServisFirst Bank aims to strengthen its position as a leading financial institution by leveraging his expertise in corporate finance, financial system integration, and strategic planning. His experience in leading financial transformations and driving sustainable growth will be instrumental in shaping the bank’s financial future.
Moreover, as CFO, Sparacio will play a pivotal role in ensuring that ServisFirst Bank remains at the forefront of financial innovation. His ability to adapt to emerging financial trends, implement effective cost management strategies, and drive operational efficiencies will contribute to the bank’s ability to thrive in a competitive financial landscape.
ServisFirst Bank’s strategic priorities will focus on financial stability, regulatory compliance, and sustainable growth. Under Sparacio’s leadership, the bank will continue to optimize financial operations, enhance risk management practices, and explore opportunities for expansion.
Key areas of focus for Sparacio in his new role include:
- Regulatory Compliance and Risk Management: Ensuring strict adherence to evolving financial regulations while maintaining a strong risk management framework.
- Financial Planning and Forecasting: Developing and executing robust financial strategies that support ServisFirst Bank’s growth objectives.
- Operational Efficiency: Streamlining financial operations to improve efficiency and reduce costs while maintaining high service standards.
- Technology and Innovation: Leveraging advancements in financial technology to enhance the bank’s operational capabilities and customer offerings.
- Talent Development: Strengthening the financial leadership team by fostering a culture of excellence and professional growth.
With his extensive experience, strategic mindset, and commitment to excellence, David Sparacio is well-prepared to lead ServisFirst Bank’s financial operations into the future. His leadership will be instrumental in navigating industry challenges, capitalizing on growth opportunities, and ensuring the bank’s continued success in a dynamic financial environment.
