Item 3. Legal Proceedings
ITEM 3. LEGAL PROCEEDINGS
We are involved in various litigation matters in the ordinary course of business. At the present time, we do not believe any of these matters will have a significant impact on our consolidated financial position or results of operations. The aggregate amount we have accrued for losses we consider probable as a result of these litigation matters is immaterial. However, because of the inherent uncertainty of outcomes from any litigation matter, we believe it is reasonably possible we may incur losses in addition to the amounts we have accrued. At this time, we estimate the maximum amount of additional losses that are reasonably possible is insignificant. However, because of a number of factors, including the fact that certain of these litigation matters are still in their early stages, this maximum amount may change in the future.
The litigation matters described in the preceding paragraph primarily include claims that have been brought against us for damages, but do not include litigation matters where we seek to collect amounts owed to us by third parties (such as litigation initiated to collect delinquent loans). These excluded, collection-related matters may involve claims or counterclaims by the opposing party or parties, but we have excluded such matters from the disclosure contained in the preceding paragraph in all cases where we believe the possibility of us paying damages to any opposing party is remote.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ADDITIONAL ITEM - EXECUTIVE OFFICERS
Our executive officers are appointed annually by our Board of Directors at the meeting of directors preceding the Annual Meeting of Shareholders. There are no family relationships among these officers and/or our directors nor any arrangement or understanding between any of these officers and any other person pursuant to which the officer was appointed.
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The following sets forth certain information with respect to our executive officers at March 8, 2024.
Name (Age) Position First elected
as an executive
officer
William B. Kessel (59)
President, Chief Executive Officer and Director 2004
Gavin A. Mohr (40)
Executive Vice President and Chief Financial Officer(1) 2020
Stefanie M. Kimball (64)
Executive Vice President and Chief Risk Officer 2007
Joel Rahn (57)
Executive Vice President, Commercial Banking(2)
2021
Larry R. Daniel (60)
Executive Vice President, Operations and Retail Banking
2017
Patrick J. Ervin (58)
Executive Vice President, Mortgage Banking 2017
James J. Twarozynski (58)
Senior Vice President and Chief Accounting Officer 2002
(1) Mr. Mohr joined Independent Bank in September 2020, as Executive Vice President and Chief Financial Officer. Prior to joining Independent Bank, Mr. Mohr served as the Chief Financial Officer of STAR Financial Bank, ("STAR"), a $2.1 billion bank, located in Fort Wayne, Indiana. Prior to joining STAR, Mr. Mohr served as Treasurer of Yadkin Bank and Trust (Statesville, North Carolina) from 2013 to 2014.
(2) Mr. Rahn joined Independent Bank in April of 2018 as Senior Vice President Commercial Lending. He was promoted to Executive Vice President Commercial Banking in January, 2021. He has 34 years of commercial banking experience and has served in senior leadership positions for the past 17 years.
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PART II.