Houston-based Allegiance Bancshares Inc., the holding company of Allegiance Bank, announced a plan of succession in which Steven F. Retzloff, the current president, will be promoted to chief executive officer, effective January 1, 2020. He will succeed George Martinez in that role. Retzloff will continue to serve as the executive chair of Allegiance Bank. Martinez will continue to serve as chair of the Allegiance Bancshares board in 2020. In addition, upon his retirement as CEO, he will assume the role of vice chair of the bank on January 1.
“This is the right time for Allegiance to move forward with the next step in the succession plan we established 12 years ago when Steve and I co-founded the bank,” says Martinez, who has served as Allegiance Bancshare’s chair and CEO since its founding in 2008.
“I am grateful to Allegiance’s board of directors for their confidence in me to carry on George’s legacy of achievement and growth,” Retzloff says. “We appreciate that he has agreed to continue to serve as chairman of our board as we transition into this next chapter of our story.”
As part of the succession plan, Ramon A. Vitulli III will be promoted from executive vice president to president of Allegiance Bancshares, succeeding Retzloff and effective January 1. In addition, Vitulli will be promoted from president and chief operating officer to chief executive officer of the bank.
Okan I. Akin, executive vice president and chief risk officer of Allegiance Bancshares and the bank, will succeed Vitulli in the role as president of the bank effective January 1, while continuing to serve as chief
Allegiance Bank operates 26 locations in the Houston region and one branch in Beaumont. As of September 30, Allegiance Bancshares reported assets of $4.91 billion.
Published in Bankers Digest November 4, 2019