Southern Michigan Bancorp announced that after decades of leadership and service, CEO John Castle is planning to retire from Southern Michigan Bancorp. The board of directors of Southern Michigan Bancorp has appointed John Waldron to serve as CEO effective October 3, 2023. Waldron, who joined Southern in May 2022 to serve as president of the bank?s Jackson market, brings nearly three decades of commercial banking and leadership experience to the position.
Castle will continue to serve as chairman of the board. Until his retirement in June 2024, Castle will support Waldron in managing the day-to-day operations of Southern. Waldron joins an experienced executive team, including Eric Anglin, executive vice president and chief strategy officer, and Nick Grabowski, executive vice president and head of lending.
Castle is a graduate of Central Michigan University where he majored in economics and finance. He moved to Coldwater and joined Southern?s Trust Department in February 1980. Castle has served as chairman and CEO of Southern since 2002.
Waldron has deep roots in banking, commercial finance and regulatory oversight. Before joining Southern, he spent 20 years with a community bank in the Jackson and surrounding area. Waldron also served as a national bank examiner with the Office of the Comptroller of the Currency for 10 years. In that role, his focus was on the overall safety and soundness of the banking industry, wealth management and capital markets. Waldron holds a Bachelor of Business Administration degree in finance and minor in accounting from Western Michigan University. He is active in the Jackson community including sitting on boards of the Henry Ford Allegiance Health Foundation and Health Compliance Committee, Jackson Symphony Orchestra Foundation and Jackson YMCA Capital Campaign.
Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust (The Bank). The Bank operates about 18 branches within Branch, Calhoun, Hillsdale, Jackson, Kalamazoo, and St. Joseph counties, providing a range of consumer, business, and wealth management services throughout the region. Its business, which it conducts primarily through the Bank, is concentrated in a single industry segment, commercial banking. The Bank offers a variety of deposit, payment, credit, and other financial services to all types of customers. The Bankâs commercial lending covers categories, such as business, industrial, agricultural, construction, inventory, and real estate. It offers trust and investment services, which include investment management, trustee services, and others. It also owns Southern Michigan Bancorp Capital Trust I, SMB Risk Management, Inc., and 27 Marshall Street, LLC. The Bank wholly owns SMB Financial Services, Inc.