SCOTTSDALE, AZ / ACCESS Newswire / June 1, 2026 / Bancorp 34, Inc. (the "Company") (OTCID:BCTF), the holding company of Southwest Heritage Bank ("SWHB " or the "Bank") today announced that Chris Webster will retire as President of the Company and the Bank effective July 31, 2026, concluding a distinguished banking career spanning more than five decades. Webster will continue to serve on the Company and Bank's Board of Directors.

The Company also announced that Paul Tees will succeed Webster as President of Bancorp 34 and SWHB, effective August 1, 2026. Tees will continue to serve as Chief Credit Officer in addition to his new responsibilities as President.

Over the course of his career, Webster held leadership roles across commercial finance, regional banking and community banking, including positions with FINOVA Capital, Compass Bank, and Commerce Bank of Arizona. Drawing on the credit discipline and operational expertise of larger financial institutions, as well as the relationship-driven culture of community banking, he developed a leadership approach that combined the best of both models. As Chief Executive Officer of Commerce Bank he was instrumental in the bank's successful merger with Bank 34, helping bring together two highly complementary community banking organizations and laying the foundation for the creation and continued success of Southwest Heritage Bank. Known for his humility, people focused style, and customer-first approach to business, Webster has established himself as one of Arizona's most respected community banking leaders.

On his retirement, Mr. Webster said, "After more than 50 years of pursuing a career that I have truly loved in finance and banking, the time has come for me to ease off the accelerator and begin a new journey. It has been a privilege to spend my career serving customers, communities, and colleagues. I am proud of what we have built at Southwest Heritage Bank and grateful to everyone who has been part of that journey. The Bank has a bright future, and I have great confidence in Ciaran, Paul and the leadership team."

Chief Executive Officer and Chairman of the Board, Ciaran McMullan commented, "Chris' career has been defined by integrity, professionalism, and a deep commitment to service. We are grateful for his many contributions, especially his leadership in bringing together Commerce Bank of Arizona and Bank 34 to create Southwest Heritage Bank. I also want to thank Chris personally for his support and guidance, and I look forward to his continued leadership on our Board of Directors."

Paul Tees brings more than three decades of banking, lending, and financial leadership experience to his new role. Throughout his career, he has held senior positions with leading financial institutions including BMO, FINOVA Capital, Compass Bank, National Bank of Arizona, and Commerce Bank of Arizona. His experience spans commercial banking, commercial real estate lending, private wealth management, credit, and corporate finance, providing him with a broad perspective and deep expertise in serving businesses, entrepreneurs, and high net worth clients.

On Tees' appointment, McMullan commented, "This appointment follows a deliberate succession planning process and reflects the Board's confidence in Paul's leadership and commitment to relationship-based community banking. During his tenure as Chief Credit Officer, he has helped build a local lending business and loan portfolio that reflects the bank's strategy of serving local business and helping to strengthen local communities."

Mr. Tees said, "I am honored by the confidence that the Board has placed in me and grateful for the opportunity to serve as President of Bancorp 34 and Southwest Heritage Bank. Chris has been an exceptional leader and mentor, and I look forward to building on the strong foundation he helped create. Our focus will remain on serving local businesses and communities, maintaining strong credit discipline, and delivering the high level of personal service that has always distinguished community banking."

ABOUT BANCORP 34, INC. - Bancorp 34 is the holding company for Southwest Heritage Bank. The bank's headquarters are located at 8777 East Hartford Drive, Suite 100, Scottsdale, Arizona 85255. In addition, we operate seven full-service community bank branches, two in Maricopa County, Arizona, in the cities of Scottsdale and Gilbert; three in Pima County, Arizona, in the cities of Tucson and Green Valley; one branch in Otero County, New Mexico in the city of Alamogordo; and one branch in Dona Ana County New Mexico, in the city of Las Cruces.

CONTACT:
Kevin Vaughn
Chief Financial Officer
(623) 334-6064
BCTF@swhb.com

SOURCE: Bancorp 34, Inc.

View the original press release on ACCESS Newswire

Bancorp 34, Inc. Announces Executive Transition