EXHIBIT 99.1
CBES BANCORP, INC.
1001 N. JESSE JAMES RD.
EXCELSIOR SPRINGS, MO 64024
PHONE: (816) 630-6711 FAX: (816) 630-1663
PRESS RELEASE
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FOR MORE INFORMATION FOR IMMEDIATE
RELEASE
Date: August 13, 2001
Contact Dennis Hartman
President
816:630-6711
CBES BANCORP, INC. ANNOUNCES MANAGEMENT CHANGES AND THE SALE OF BRANCH
Excelsior Springs, Missouri, August 13, 2001-CBES Bancorp, Inc. (NASDAQ: CBES),
the parent company of Community Bank of Excelsior Springs, A Savings Bank, today
announced a series of management appointments and the sale of their branch
office in Kearney, Missouri.
Paul Thomas has been named to the position of Chief Executive Officer and
Chairman of the Board, succeeding Dennis Hartman who has been named President of
the Company. Mr. Thomas joined the bank in October 2000 as Chief Operating
Officer and Chief Lending Officer. These changes follow a series of additions to
the Company's senior management since March 2001:
Keith Folkerts, Senior Vice President-Non-Residential Lending Mr. Folkerts
brings a strong knowledge of construction and commercial lending to his new
position, and will be responsible for managing and growing these departments.
Prior to joining Community Bank, Mr. Folkerts was Senior Commercial Loan Officer
with People's Bank in Overland Park, Kansas.
Brenda Barnes, Senior Vice President-Residential Lending Prior to joining
Community Bank, Ms. Barnes was a Managing Underwriter with Corinthian Mortgage
Corporation in Mission, Kansas. She will apply her operational and management
skills to the continued development and expansion of the Company's residential
lending operation in the greater Kansas City area.
Ron Hill, Chief Financial Officer Mr. Hill was named Chief Financial
Officer of the Company and brings with him years of experience in the savings
industry. Prior to joining Community Bank, Mr. Hill was Chief Financial Officer
with Cameron Savings & Loan in
Cameron, Missouri.
"Community Bank's new management structure will strengthen the company's ability
to compete successfully in our market area and in our industry," said Dennis
Hartman, President. "We have significantly reinforced our depth of lending and
financial expertise by the addition of several senior managers who bring with
them a wealth of experience and qualifications."
In conjunction with these changes, the Company has also announced the sale of
its deposit branch office in Kearney, Missouri to Kearney Trust Company, subject
to regulatory approval. "The decision was made after very deliberate
consideration regarding the future growth strategy and branching objectives of
Community Bank and our continued commitment to our core deposit base," said
Dennis Hartman, President. "We feel that we are able to more effectively service
our deposit customers in Excelsior Springs and Liberty, and the sale of this
branch will contribute a significant cost savings to the bank's ongoing
operations. We intend to focus on deposit growth in these two areas, and we will
continue to offer our lending products and services to customers throughout the
Northland."
Founded in 1931, Community Bank of Excelsior Springs is a community oriented
savings bank operating primarily in Clay and Ray counties in Missouri. Through
its branch offices, the Bank offers a wide range of deposit products and lending
services, including residential, construction, commercial real estate and
consumer lending.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
CBES BANCORP, INC.
Date: August 20, 2001 By: /S/ Dennis D. Hartman
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Dennis D. Hartman, President