Finwise Bancorp, a Utah-based commercial bank, has announced the expansion of its Board of Directors and the appointment of a new member. On Monday, the company disclosed through an 8-K filing with the Securities and Exchange Commission that it has increased the size of its Board to nine directors. Susan Ehrlich, a seasoned executive with a background in fintech and financial services, has been appointed as a Class III Director.
Ehrlich, 57, joined the Board effective July 16, 2024, and will serve until the 2026 Annual Meeting of Shareholders. She brings a wealth of experience from her time as a partner at Core Innovation Capital since 2022, and her previous role as CEO of Earnest, a fintech company specializing in student loan refinancing. Ehrlich's career also includes leadership positions at Simple, Lending Club, Amazon (NASDAQ:AMZN), and H&R Block (NYSE:HRB). She holds an MBA from Harvard Graduate School of Business Administration and a BA from Brown University.
In addition to her role on the Board, Ehrlich has been appointed to the Audit Committee, now comprising four directors. Finwise Bancorp has confirmed that Ehrlich qualifies as independent under Nasdaq's listing rules, and there have been no disclosed transactions between her and the company that would necessitate further disclosure under SEC regulations.
Ehrlich's appointment reflects Finwise Bancorp's commitment to governance and expertise in financial technology. She will receive the same standard compensation as other non-management directors on the Board. This move is part of the company's broader strategy to enhance its leadership and oversight capabilities as it navigates the evolving landscape of commercial banking.
In other recent news, Utah-based FinWise Bancorp has reported a strong first quarter in 2024 with robust loan originations nearing $1.1 billion and a net income of $3.3 million. Despite a slight decrease in net interest income and non-interest income, the company remains optimistic about future growth and partnership opportunities. In addition, the company's shareholders have approved an amendment to increase the number of shares available under its 2019 Stock Option Plan, aiming to incentivize executives and employees.
Furthermore, FinWise Bancorp welcomed Bob Wahlman as the new CFO, with the expectation to further strengthen the company's financial strategy. The firm anticipates a significant increase in expenses in the second quarter, which will then decelerate in the second half of the year. Adding to these recent developments, FinWise Bancorp initiated a new share repurchase program and maintains a strong capital position.
Lastly, the company's outlook includes a focus on strong loan originations and the development of new fintech partnerships. The company's effective tax rate is projected to remain at 26.5% for the rest of 2024. These are the latest developments at FinWise Bancorp, as reported in recent news items.
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