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SPRINGFIELD, Mo., Jan. 31, 2011 (GLOBE NEWSWIRE) -- Shaun A. Burke, President and CEO of Guaranty Federal Bancshares, Inc. (Nasdaq:GFED), the holding company for Guaranty Bank, is pleased to announce the promotion of Erica L. Crain to Senior Vice President, Director of Risk Management for Guaranty Bank.
In her current role, SVP Crain manages and develops a comprehensive process for assessing, identifying, monitoring and reducing pertinent business risks that could interfere with the bank's objectives and goals. She is well versed in corporate governance matters to ensure that the company is in substantial compliance with its internal operating policies and procedures and any external legal, regulatory or contractual requirements. She provides oversight and development of the Risk Management department, which includes the following functions: internal audit, loan review, regulatory compliance affairs, corporate governance, compensation practices review, bank security, insurance, vendor management, fraud, and corporate investigations.
SVP Crain interfaces with the bank's business units to prepare risk assessments and ensures an effective risk management monitoring program. Additionally, she reviews the bank's processing and communications infrastructure to ensure appropriate security and privacy for the bank and customer information. Finally, SVP Crain works with senior management in understanding the risks associated with new product and services and the development of strategic plans and policies.
Crain joined the Bank in 2008 as Vice President, Director of Risk Management after working for the FDIC as an examiner for nine years. She graduated from Drury University in Springfield, Missouri with a BA in Business Administration and has completed the Graduate School of Banking at SW Graduate School in Dallas, TX.
About Guaranty Federal Bancshares, Inc.
Guaranty Federal Bancshares, Inc. (Nasdaq:GFED) has a subsidiary corporation offering full banking services. The principal subsidiary, Guaranty Bank, is headquartered in Springfield, Missouri, and has nine full-service branches in Greene and Christian Counties and Loan Production Offices in Greene, Wright, Webster and Howell Counties. In addition, Guaranty Bank is a member of the TransFund ATM network which provides its customers surcharge free access to over 100 area ATMs and over 1,600 ATMs nationwide. For more information, visit the Guaranty Bank website:
The discussion set forth above may contain forward-looking comments. Such comments are based upon the information currently available to management of the Company and management's perception thereof as of the date of this release. Actual results of the Company's operations could materially differ from those forward-looking comments. The differences could be caused by a number of factors or combination of factors including, but not limited to: changes in demand for banking services; changes in portfolio composition; changes in management strategy; increased competition from both bank and non-bank companies; changes in the general level of interest rates; the effect of regulatory or government legislative changes; technology changes; and fluctuation in inflation.
CONTACT: Shaun A. Burke, President & CEO
1341 W. Battlefield
Springfield, MO 65807