Investar Holding Corporation (NASDAQ:ISTR), a Louisiana-based commercial bank with a market capitalization of $198 million, announced significant changes to its Board of Directors in a recent filing with the Securities and Exchange Commission. Anita M. Fontenot has resigned from her position on the Board, effective Monday. The company clarified that Fontenot's decision to step down was not due to any disagreements regarding operations, policies, or practices. According to InvestingPro data, the bank maintains a FAIR financial health score and currently trades near its Fair Value.
In conjunction with Fontenot's departure, the Board, acting on the Nominating and Governance Committee's recommendation, appointed Julio A. Melara as the new chairman of the Board's Audit Committee, effective Monday. Melara, who previously held the role of vice-chairman of the same committee, will be taking on his new responsibilities immediately.
Additionally, Scott G. Ginn has been named the vice-chairman of the Audit Committee, also effective Monday. These appointments reflect the company's ongoing commitment to strong governance practices and effective oversight.
Investar Holding Corporation, with its headquarters at 10500 Coursey Blvd., Baton Rouge, Louisiana, operates within the state commercial banks sector. The company's common stock is traded on The Nasdaq Global Market under the ticker symbol ISTR.
This report, filed on Wednesday, is based solely on the company's SEC filing and provides a factual account of the board's recent changes without speculation or assessment of the potential impact.
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