Iowa City, Iowa-basedMidWestOne Financial Group Inc.and MidWestOne Bank COOSusan Evans informed the company of her intention to retire.
She will holdthe post until a replacement is named. A search for a new COO is currently underway.Once a new operations chief has been appointed, Evans will stay on with MidWestOne,serving in a reduced capacity until her retirement prior to year-end 2017.
Evans joinedthe company in 2001 and became COO in August 2009.
MidWestOne alsoannounced that on July 21, its board approved a new buyback program which allowsfor the repurchase of up to $5.0 million of stock through Dec. 31, 2018. The newbuyback program replaces the old one,where the company repurchased 52,200 shares for approximately $1.2 million sincethe plan's announcement in July 2014; this program allowed for up to $5.0 millionof share repurchases and would have expired Dec. 31.