Solera National Bancorp Inc. (OTCMKTS:SLRK) Stock In Focus After Announcing the Departure of CEO

Shares of Solera National Bancorp Inc. (OTCMKTS:SLRK) ended lower last with a fall of 5%.

Market Reaction

On Friday, SLRK stock ended lower by 0.61% $11.43 with 2.60k shares, compared to its average volume of 2.25K shares. The stock moved within a range of $11.43 – 11.43 after opening trade at $11.43.

Board of Directors of Solera National Announce the Departure of CEO

Solera National Bancorp, Inc. (OTCMKTS:SLRK) and Solera National Bank (a national bank and subsidiary of the company) have announced the departure of Scott Wilson, CEO, on February 25, 2022. All changes are effective immediately.

Jordan Wright, Executive Vice Chairman of the Board, continues in his leadership role, while working on expanding the company’s FinTech initiatives. Having worked in Solera National Bank for years, he has gained sufficient expertise to build on exciting future possibilities in the world of FinTech.

The Board of Directors will assume the role and duties of President and CEO. Mike Quagliano, Executive Chairman of the Board, has wished Wilson good luck in his future endeavors. He has commented that the team is working hard to adapt to the changes, with Jordan Wright providing leadership and vision (his extensive background in FinTech is highly useful). Each member of the team is focused on the company’s strong growth and profitability.

Ms. Cheri Walz, Executive Vice President/Chief Financial Officer also stated that Solera has a unique business model that will help to transition from a traditional bank model, to one of the future. They are adopting and deploying technologies and new business models, to drive business growth, while offering a wide range of services with stellar customer experience.

Key Quote

Mike Quagliano, Executive Chairman of the Board, commented that he “wishes Scott well, he is a great credit person.” He also commented that “Our entire Board has stepped up during this time of change. I am especially grateful to have Mr. Jordan Wright providing leadership and vision to our team, given his deep background in FinTech and the way he’s stepped in to help. We hope to revolutionize the future of banking. Our Company has a strong team and each and every one of the team members are behind our Company’s strong growth and profitability. I am very happy with what is happening here at the Bank and where we are at this point. We are building this Bank for the future”.

Traders Review

SLRK stock is trading below the 20-Day and 50-Day Moving averages of $12.08 and $11.86 respectively. Moreover, the stock is trading below the 200-Day moving average of $12.10.


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