• Jim Milroy Retires as 1st State Bank President & CEO

    Allison Becker, Marketing Administrator
    989.272.7522
    allisonb@1ststate.bank
     
    FOR IMMEDIATE RELEASE
    June 24, 2024
     
     

    Jim Milroy Retires as 1st State Bank President & CEO
     
    Saginaw, MI: On July 1, 2024, Jim Milroy retires as President and Chief Executive Officer of 1st State Bank. Milroy joined 1st State Bank in 2007 as Senior Vice President & Chief Financial Officer, promoted to Executive Vice President in 2014 and finally to President and Chief Executive Officer in April of 2019.
     
    During Milroy’s tenure as President & CEO, 1st State Bank successfully navigated a number of unique events including the pandemic shutdown and subsequent changes to the workplace including remote work and labor shortages; historically low interest rates (2020-22); and an unprecedented rise in interest rates (2022-23). Of particular note was 1st State Bank’s performance during the Paycheck Protection Program (“PPP”). 1st State Bank was a leader in the Great Lakes Bay Region originating over $132 million of PPP loans, securing much needed capital for local businesses, and assisting with PPP forgiveness. “It has been my privilege to work alongside a talented and dedicated group of employees and Board of Directors that are truly committed to the success of the business community in Saginaw, Bay, and Midland counties,” Milroy said. “I am grateful for the opportunity to be a part of this organization and look forward to the continued success of the Bank.”   
     
    Milroy will continue to serve as a member of the Board of Directors of 1st State Bank. Active in the community, he will also continue to serve as Chair of the Board of Directors of Covenant Healthcare, Treasurer of the Valley Lutheran Foundation Board, and a member of the Saginaw Community Foundation Investment Committee.
     
    The Board of Directors appointed Todd Gregory to succeed Milroy as the Bank’s President and Chief Executive Officer. Gregory joined 1st State Bank in 2017 as Senior Vice President, Business Lending Manager, promoted to Executive Vice President, Chief Lending Officer in 2020 and appointed to the 1st State Bank Board of Directors in 2023. Prior to 1st State Bank, Gregory had over 20 years of banking experience.
     
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    1st State Bank, a locally owned and operated community bank chartered in 2004 serving individual customers and specializing in business banking. 1st State Bank has five locations, two in Saginaw Township, two in Bay City, and one in Downtown Midland. At each, the focus is the same: to be the bank of choice for businesses in the Great Lakes Bay Region. As of March 31, 2024, 1st State Bank reports assets of over $474 million.