Richard K. Miller will retire as senior vice president and CFO of Oxford Bank in 2023. To eventually replace Miller, the company’s board of directors appointed Jesse A. Deering executive vice president and CFO, effective June 20. Miller will remain with the company through a transition period.
Miller has served as senior vice president and CFO of Oxford Bank since Sept. 18, 2017. He joined Oxford to lead the finance department through the transition and improvement of the accounting and financial reporting functions of the organization. Miller, with his more than 40 years of experience and specific expertise in accounting, tax planning and regulatory reporting, was also a contributor in the company’s recent acquisition-related activities and overall organizational growth the past five years.
“Rich Miller has been integral part of our growth by completely rebuilding and automating our financial infrastructure to produce timely and accurate information which has been critical to our ability to move quickly and make good strategic decisions. He has been an important leader, providing high quality advice on a broad range of issues to our executive team and boards of directors. We look forward to an extended transition to continue his work on creating a first-class management accounting system to reflect our increased complexity.” David P. Lamb, chairman, president and CEO of Oxford Bank, said. “We are also gratified that Jesse Deering is joining our leadership team after a highly successful career with a very highly regarded former neighbor bank. Jesse’s broad range of experience (both operational and financial), including bank M&A and crossing the 1 billion benchmark, is expected to be very important to our future growth and development.”
Deering brings 20 years of diversified banking experience to Oxford. Recently, he spent 17 years with the former Mackinac Financial and mBank, where he served the last five years as the collective organization’s executive vice president and CFO. In addition to his role overseeing the day-to-day financial operations and reporting at Mackinac and its wholly-owned bank, he was also part of a management team that completed five whole bank acquisitions and a follow-on equity raise as the public company grew to more than $1.5 billion in assets. He was involved in all aspects of M&A activity, including deal negotiations, financial modeling, pre-deal due diligence, expense and accretion analysis as well as post-transaction operational integration.
Along with his corporate development and investor relations duties, Deering also led strategic planning initiatives for mBank. Deering also led retail branch banking, marketing and IT. Before this role, he managed all banking related activities in the southeast Michigan region as the senior vice president and southeast Michigan executive, a role that included oversight of the regional loan portfolio, commercial lending function and branch operations. He also worked closely with the credit department by serving as assistant vice president and senior credit administrator shortly after joining the company.
