David Lubar, president and chief executive officer of Lubar & Co., has been named to the boards of Ixonia Bancshares and Ixonia Bank and will replace his father, Sheldon Lubar, as chairman of the Ixonia Bancshares board.
“This is a planned transition, and it is my intention to remain and stay involved on the boards. However, as I step back from this role, I have every confidence that David will bring integrity and strong leadership to help Ixonia Bank continue to grow,” Sheldon Lubar said.
Lubar recapitalized the bank in 2012. It has since grown from $299 million in assets and $273 million in deposits at the end of 2012 to $522 million in assets and $466 million in deposits at the end of 2020, according to FDIC data. The bank had nearly $9 million in net income last year compared to a nearly $15 million loss in 2012.
“The addition of David to our boards brings invaluable business knowledge and perspective as we plan for the growth of Ixonia Bank, particularly in the metro Milwaukee area. Ixonia Bank is the business bank run by business people,” said Dan Westrope, chairman and CEO of Ixonia Bank. “David understands what it takes to build successful companies and support the financial goals of a growing enterprise.”
Ixonia Bancshares, the bank’s holding company, also has Bill Read, owner and CEO of Wag-Aero Group; David Bauer, chief investment officer of Lubar & Co.; Bud Selig, commissioner emeritus of Major League Baseball; Kenneth Krei, vice chairman of TMI Holdings; Jeffrey Yabuki, former chairman and CEO of Fiserv; Susan Lubar, founder and president of Growing Minds; and Mark Hogan, former WEDC secretary and a retired banking executive.
The Ixonia Bank board has many of the same people, but also includes Linda Gorens-Levey, partner at General Capital Group; Brian Carroll, attorney and shareholder at Reinhart Boerner Van Dueren S.C.; Susan Marshall, founder of the Backbone Institute; Vince Shiel, partner at Lubar & Co; and Mark Wierman, president and chief lending officer at Ixonia Bank.
“Ixonia Bank is a long established, well managed community bank,” David Lubar said. “I am looking forward to working with the management team and Board of Directors as Ixonia Bank pursues its ambitious strategy of being regarded as an important and respected provider of loans and financial services in our community.”