July 30, 2014

Veteran Missouri banking regulator to retire

State to conduct search for permanent successor to Commissioner Rich Weaver

Jefferson City - The Missouri Division of Finance announced today that Commissioner Rich Weaver will retire effective Aug. 1. A comprehensive search will be conducted before Gov. Nixon names a new commissioner, subject to confirmation by the Missouri Senate.  

Commissioner Weaver began his career with the Division of Finance in 1985 working in the mail room. He served as the Division's deputy commissioner from 2004 to 2009 and was appointed Commissioner of Finance by Gov. Nixon in April of 2009.

"Rich has been a proven asset to our department," said John M. Huff, director of the Missouri Department of Insurance, Financial Institutions and Professional Registration. "During his tenure as the chief banking regulator in Missouri, total deposits in state-chartered banks at the end of March were at an all-time high at $84.1 billion with assets totaling $99.8 billion. Rich has built a solid team with extensive analytical, examination and leadership skills."

Deputy Commissioner Debra Hardman will serve as Acting Commissioner of Finance while the search for a new commissioner is underway.

"Debbie has a wealth of experience and technical expertise from her 30 years of service within the division," said Director Huff. "We greatly appreciate her stepping up to continue strengthening Missouri's banking industry during this time."

Hardman, who began her career with the division in 1984, holds a bachelor's degree in accounting from Truman State University and is a graduate of the Graduate School of Banking at Boulder, Colorado. 

Additionally, Christie Kincannon, the Division of Finance Chief Counsel, will assume the joint role of Acting Deputy Commissioner & Chief Counsel during the period of transition.

The Division of Finance was established in 1907. Earlier this year, Missouri was rated the "Number One Best Banking State" by MoneyRates.com. The state has been touted by industry experts as providing an economic and regulatory environment for bankers to thrive in. Missouri ranks fifth in the nation in the number of state-chartered banks with 261. The division regulates state-chartered banks, trust companies, consumer credit facilities, mortgage brokers and originators, and savings and loan institutions. Its primary objectives include ensuring the safety and soundness of those institutions and the monitoring of compliance with laws and regulations, thereby ensuring bank deposits are safe and consumers are protected.  No taxpayer dollars have ever been lost due to a bank failure. The division is part of the Missouri Department of Insurance, Financial Institutions and Professional Registration.