GBank Financial Holdings Inc. (Nasdaq: GBFH) has announced a planned leadership transition, effective October 22, 2026. Edward M. Nigro, the Company's Founder, Executive Chairman, and Chief Executive Officer, has resigned from his executive roles and as a director of the Bank. Mr. Nigro will continue to serve as a director of the Company.
Jeffrey K. Newgard, who has served as President and Chief Executive Officer of GBank since June 8, 2026, has been appointed President and Chief Executive Officer of GBank Financial Holdings Inc. effective immediately. Mr. Newgard has also been appointed Chairman of the Bank's Board of Directors and a director of the Company.
Mr. Newgard, age 55, previously served as Chairman, President, and CEO of Bank of Idaho, where he helped grow the institution from approximately $250 million to $1.3 billion in assets prior to its acquisition by Glacier Bancorp. He holds a Bachelor of Arts degree from Walla Walla College and an MBA from Washington State University.
In addition to the leadership changes, the Company announced that James K. Sims has been appointed as the incoming Chairman of the Board. The Company also entered into a Separation Agreement with Mr. Nigro, which provides for an annualized amount of $425,000 through the term end date, prorated cash bonuses, COBRA premium reimbursement for eighteen months, and reimbursement of legal fees up to $10,000. Mr. Nigro remains eligible for vested equity awards and benefits under the Company's plans.
As of June 30, 2026, GBank Financial Holdings Inc. reported total assets of approximately $1.4 billion, having grown from $22 million since Mr. Nigro's tenure began in 2007. The Company plans to report third quarter 2026 results on October 28, 2026.
