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Embattled bank names next CEO after investor challenge

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Embattled bank names next CEO after investor challenge

Cashmere Valley Bank tapped a Nicolet executive to take the reins. But the investor who publicly pressured the Washington state-based lender said he’s still pursuing changes at the board level.

A Washington state-based bank that recently faced investor pressure to sell has named a new CEO.

Cashmere Valley Bank in Cashmere, Washington, named Len Devaisher, a Nicolet National Bank executive vice president, as its next CEO. He’ll join Cashmere Valley on Oct. 5, and succeed CEO Greg Oakes on Dec. 31, the bank announced last week.

Devaisher was president and chief operating officer of $6.3 billion-asset MidWestOne Bank until Nicolet acquired it. His career as a bank executive spans more than 25 years. Before his six years at MidWest One, Devaisher was Wisconsin Region CEO at Old National Bank, according to LinkedIn.

Oakes’ year-end retirement had been rumored well ahead of last week’s announcement – and the apparent absence of a succession plan, among other factors, drew concern from investor Down Range Capital Opportunity Fund. The East Stroudsburg, Pennsylvania-based hedge fund made public the news of the bank’s CEO search last month in a letter pressuring the bank to sell.

“One of the greatest responsibilities entrusted to any CEO is ensuring an organization is positioned for continued success long after your own tenure,” Oakes said in a prepared statement last week. “I have tremendous confidence in Len’s leadership and character, and I look forward to working alongside him during this transition.



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