Ohio Valley Banc Corp. Announces Retirement of Executive Officer Thomas E. Wiseman |

Ohio Valley Banc Corp. (NASDAQ: OVBC) recently disclosed in a Form 8-K filing with the Securities and Exchange Commission that Thomas E. Wiseman, an executive officer of the company, has notified them of his decision to retire from his position effective January 1, 2025.

In his new role post-retirement, Mr. Wiseman will serve as the non-executive Chairman of the Board of Directors of the Company, where he will continue to offer his expertise. He will also remain a non-voting member of the Audit and Enterprise Risk Committees of the Board, and a voting member of the Executive Committee of the Company and the Bank.

As part of his compensation package in his new role, Mr. Wiseman will receive an annual cash payment of $259,284 for his services as Chairman and as a non-executive employee, in addition to being eligible for all employee director compensation.

Ohio Valley Banc Corp. highlighted Mr. Wiseman’s contributions and stated that he will remain a valuable asset to the company in his new role. The transition is set to ensure ongoing strategic guidance and stability within the organization.

The company also mentioned the completion of a strategic restructuring of its business operations in the filing, aiming to focus resources on manufacturing critical starting materials for genetic medicines utilizing its Linea™ DNA and Linea™ IVT platforms. The strategic actions included divesting certain assets, targeting expense reductions, and promoting executives to key positions to strengthen operational focus and maximize value creation.

Ohio Valley Banc Corp. is scheduling a conference call on January 9, 2025, to provide investors with an update on these recent developments and future plans. The call will offer insights into the restructuring plan and the company’s vision for the upcoming period.

Investors and stakeholders are encouraged to participate in the scheduled call to gain a deeper understanding of Ohio Valley Banc Corp.’s strategic initiatives and the impact of the recent changes on the company’s operations and financial outlook.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ohio Valley Banc’s 8K filing here.

About Ohio Valley Banc

Ohio Valley Banc Corp. operates as the bank holding company for The Ohio Valley Bank Company that provides commercial and consumer banking products and services. The company operates in two segments, Banking and Consumer Finance. It accepts various deposit products, including checking, savings, time, and money market accounts, as well as individual retirement accounts, demand deposits, NOW accounts, and certificates of deposit.