MUSCATINE — Two board member retirements, the election of a new director, and a transition in chair of the Board have taken place at Central Bancshares, Inc. The changes at the Muscatine-based company were made at the annual shareholders meeting and the subsequent board meeting, April 18.
Joan U. Axel, a company director since 2013, has retired. Axel, of Muscatine, is an attorney and was a partner in the Stanley, Lande & Hunter law firm.
Karen J. Diercks, a company director since 1997, has retired. Diercks, of Muscatine, was vice president of human resources with Stanley Consultants, Inc.
John D. Stavnes of Bettendorf was elected to the board. He is a managing director of INTEGRUS Consulting LLC and recently completed a 33 year career as an executive with Wells Fargo.
Daniel P. Stein of Muscatine was elected chairman of the board, replacing his father, James P. Stein. Dan Stein joined the board in 2016 and previously served as senior vice president and senior loan officer of CBI Bank & Trust. Jim Stein, a company director since 1986, was named chairman emeritus and will serve as an active member of the board.
Central Bancshares Inc. is a privately-held parent company of two wholly owned subsidiary banks: CBI Bank & Trust, based in Muscatine, Iowa, and F&M Bank, headquartered in Galesburg, Illinois.