Consumers Bancorp, Inc. Announces Changes To Board of Directors

Minerva, Ohio—October 20, 2023 (OTCQX: CBKM) Consumers Bancorp, Inc. (Consumers) today reported changes to its Board of Directors. Current Chairman of the Board Laurie McClellan will retire as Chairman effective January 1, 2024. The Board of Directors voted Frank Paden as Chairman of the Board of both Consumers Bancorp, Inc. and Consumers National Bank. The Board also voted Richard Kiko, Jr. as Vice Chairman of both boards.

McClellan (age 70) joined the Board of Directors in 1987 and served as Board Secretary and Vice Chairman. In 1998, she was appointed as Chairman of the Board of Consumers Bancorp, Inc., the single-bank holding company formed in 1995. Re-elected in this year’s proxy voting, McClellan will remain on both boards as a director and is expected to serve on several board committees. McClellan is reducing her role to allow for more time with family and increased flexibility in scheduling travel time. During McClellan’s tenure and leadership, the bank successfully navigated several banking industry crises and has grown nearly ten-fold in assets to more than $1 billion. “Laurie has consistently demonstrated a laser focused drive for excellence, an unparalleled commitment to community and community banking, and remarkable banking history and knowledge,” said Ralph J. Lober II, Consumers Bancorp, Inc’s President & CEO.

Paden (age 72) has served as a Director of both Consumers National Bank and Consumers Bancorp, Inc. since 2013 and as Vice Chairman since January 2023. He is an independent member of the bank’s Compensation Committee, Loan Committee, and Chairman of the Audit and Executive Committees. Prior to joining the Consumers’ boards, he served in various roles including President, CEO, and Chairman of the Board at Farmers National Bank of Canfield. “Frank’s decades long community banking career has proved invaluable as Consumers has grown in both size and complexity over the last ten years, commented Lober. “He is an excellent choice to lead Consumers through current and future industry challenges.”

Richard Kiko, Jr. (age 57) has served as a Director of both Consumers National Bank and Consumers Bancorp, Inc. since 2015. Kiko is an independent member of the bank’s Asset/Liability Committee, Risk & Technology Committee, and the chairman of the Corporate Governance/Nominating Committee. He is currently a director of Coletta Holdings Inc., the holding company for Kiko Auctions and Kiko Realty companies in Canton, Ohio. Kiko is also the President of Futuregen LLC, a private finance company. “Since 2015, the board and management have benefitted from Dick’s marketing, manufacturing, finance, and real estate experience. He interprets issues from diverse perspectives, which is extremely helpful,” Lober said.