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Ixonia Bank Announces CEO Transition

Dan Westrope Retires, Greg Larson Hired As New CEO

The Board of Directors for Ixonia Bancshares and Ixonia Bank, have announced that it has authorized the hiring of Greg Larson as Ixonia Bank’s next chief executive officer. Larson succeeds Chairman and CEO Daniel Westrope, who notified the Board in 2021 of his intention to retire after more than ten years with the bank.

Westrope joined Ixonia Bank in 2011 in connection with Sheldon Lubar and his family’s investment in the Bank. Working with Lubar, Westrope led the successful turnaround of Ixonia Bank by articulating a clear vision, strengthening the management team, cleaning up underperforming assets, and executing a business strategy that returned the bank to soundness, profitability, and growth.

“On behalf of our entire Board, we thank Dan for his many contributions toward our success as one of Southeastern Wisconsin’s leading community banks,” said David Lubar, Chairman of Ixonia Bancshares. “Our Board and Executive Management Team think highly of Greg Larson and welcome him to the Ixonia Bank team. He is an experienced leader with proven success in the financial services sector. In addition to his success, Greg’s ties to the local business community, make him an exceptional choice to be our next CEO. We look forward to the vision, leadership, and perspective he will bring to the role.”

Larson will be joining a talented senior leadership team that includes Mark Wierman, who will remain in his role as president and chief lending officer.

Larson states, “Dan and his team have done phenomenal work in elevating Ixonia Bank’s reputation. It is a privilege to be affiliated with the Lubar Family and a stable, highly-regarded financial institution. Personalized, exceptional service through community banking has never been more compelling. I look forward to working with Mark and the rest of the team to take Ixonia Bank to the next level.”

Larson was most recently CEO of AILCO Equipment Finance Group which provides financing solutions and support to small businesses and mid-market regional companies. Before AILCO, Larson had 40+ years of progressive banking experience with Wisconsin-based financial institutions including Associated Bank and Bank Mutual. He has extensive knowledge in leadership, middle market lending, business banking, treasury management, international banking, and M&A financing activities.

Larson attended Marquette University and is a graduate of the Wisconsin Bankers Commercial Lending School. He is currently a board member of Steinhafels, Inc. He has also served on several not-for-profit community organizations, including the American Cancer Association (Milwaukee), American Heart Association (Milwaukee), Boy Scouts of Greater Milwaukee, Foster Care Review Board of Milwaukee County, Hispanic Chamber of Commerce, La Causa, and others.

“It has been my privilege to share the oversight of the bank and Company’s growth over the past eight years to its current level of success,” stated Westrope. “I am proud to have served alongside so many talented executives and teammates whose commitment to our mission and core values is second to none.”

Ixonia Bank has experienced steady financial success since Westrope joined the company in 2011. Highlights included nearly doubling assets to almost $600 million as of April 30, 2022, and growing book value per share from $10.67 to $20.38. Additionally, the bank saw significant growth in the Greater Milwaukee region, expanding business relationships, acquiring a mortgage loan division, and building an outstanding team of committed bankers focused on exceptional client service and community support.