The restructuring of our Board of Directors and the addition of Dieter Leach as an Independent Director will allow the bank to focus on responding to the challenges we face ...
Wallington, NJ (PRWEB) May 31, 2012
At the Wawel Bank (WAWL: OTC BB) May 23rd reorganization meeting, it was announced that Walter G. Wargacki had been elected Chairman of the Board of Directors. Wargacki has been a member of the Board and its various committees for nearly 20 years, having first been elected in 1992.
Wargacki began his career as President and CEO of Merchant Alarm Systems in 1960. At the helm, he built the company from a local shop to a complete full-service alarm company with a central monitoring station based in Wallington, NJ. Additionally, Walter has served as the Mayor of Wallington since 1992.
“The restructuring of our Board of Directors and the addition of Dieter Leach as an Independent Director will allow the bank to focus on responding to the challenges we face – liquidating any bad loans which were the results of the prolonged downturn in the economy in a manner which we believe will position the bank for improved future results,” said Wargacki.
Mr. Wargacki will succeed Robert Ranzinger, who had served as Chairman since 2010. This action will change the Bank’s form of corporate governance, splitting the role of Chairman and Chief Executive Officer.
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Founded in 1920, Wawel Bank is the only Polish-American Banking Institution located in Bergen and Passaic Counties, New Jersey. Wawel’s mission is to provide a wide range of personal and business banking products and provide its services in a professional and user friendly manner. Visit http://www.wawelbank.com for more information.