First Midwest Bancorp appointed Patrick S. Barrett as executive vice president and chief financial officer of both the company and First Midwest Bank, effective January 5, 2017.
Barrett joined from Fulton Financial, where he served as senior executive vice president and chief financial officer since 2014. In that position, Barrett played a broad role, having end-to-end responsibility for treasury and capital management, financial planning and analysis, and accounting and regulatory reporting, including oversight of capital stress testing requirements under the Dodd-Frank Act and the Federal Reserve’s comprehensive capital analysis and review framework. He also was responsible for corporate real estate and administrative services.
Barrett held multiple roles with SunTrust Bank in the three years prior to joining Fulton Financial, ending his career at SunTrust as chief financial officer of its Wholesale Bank from 2011 to 2013. Prior to joining SunTrust, Barrett served in a variety of senior financial roles with JPMorgan Chase, including managing director of investor relations. Previously, Barrett was an audit partner with Deloitte Touche Tohmatsu.
Barrett will assume the duties held by Paul F. Clemens, who currently serves as chief financial officer. Earlier this year, the company announced Clemens’ intention to retire in 2017. Clemens will remain with the company through mid-2017 to provide integration support for a pending transaction with Standard Bank and Trust Company and to assist Barrett in his new role to ensure a smooth transition of responsibilities.
“We are very pleased to welcome Pat to First Midwest,” said Michael L. Scudder, president and chief executive officer of First Midwest. “Pat’s appointment was part of an expected succession process and follows an extensive search for the best individual to oversee the company’s financial operations.”
“I also want to thank Paul Clemens for his years of service and commitment to First Midwest,” said Scudder. “Over his 10-year career with First Midwest, Paul has exemplified professionalism and has been instrumental in helping our company to grow and prosper.”