Finance News

During the most recent meeting of the State Banking and Savings and Loan Board on July 27th, the Board elected Jay B. Knudtson to serve as Chairman and R. Bradley Weaver as Secretary. Mr. Knudtson is Executive Vice-President and Chief Banking Officer of First Missouri State Bank in Cape Girardeau and was appointed to the Board by Governor Mike Parson in January 2020. Mr. Weaver is Senior Vice-President and Chief Lending Officer of Systematic Savings Bank in Springfield and was appointed to the Board by Governor Parson in April 2021. They replace Harold M. Miles and Thane H. Kifer, who respectively, served as Chairman and Secretary since 2020, and remain members of the Board.

“It is my honor and privilege to be elected Chairman of the State Banking and Savings and Loan Board. I am extremely proud of all that we have accomplished under the direction of Chairman Harold Miles, but there is still much more to do,” said newly elected Chairman Knudtson. Secretary Weaver added, “It is my honor to serve the State of Missouri and the banking industry.”    

“Both Jay and Brad are experienced bankers that are well suited to lead the Board in its pursuit of advising the Commissioner and advocating for the banking and savings and loan industries. They’ve been invaluable members of the Board since its reestablishment and I look forward to working together on issues confronting our industry” said previous Chairman Miles. Knudtson and Weaver transitioned to their new leadership roles upon election. Commissioner of Finance Mick Campbell added, “I commend Harold and Thane for their dedicated and effective service as previous Chairman and Secretary, and I look forward to continuing to work with the Board on banking issues affecting the industry, Division, and Missouri citizens and businesses.”

The Board’s responsibilities are to advise the Commissioner of Finance as to the proper administration of his office and the banking laws of Missouri, and make recommendations to the General Assembly regarding changes in those laws. The Board must approve all regulations pertaining to banks promulgated by the Commissioner of Finance. In addition, the Board considers appeals pertaining to certain decisions made by the Commissioner of Finance with respect to the chartering of new banks, the approval or disapproval of bank branches, or the relocation of banks or branches. Members of the Board are: Chairman Jay B. Knudtson (Cape Girardeau), Secretary R. Bradley Weaver (Springfield), Harold M. Miles (Advance), and Thane H. Kifer (Bolivar).

Chairman Knudtson added, “On behalf of the Board, I would like to thank Governor Parson for the wisdom and foresight he has had in supporting the State Banking and Savings and Loan Board. The great State of Missouri ranks fourth in the nation with 198 state-chartered banks, so strategic oversight and advocacy of Missouri’s banks is essential, and I look forward to working with my fellow Board members and the Division of Finance to provide the very best representation and leadership possible.”