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West Bancorporation Inc. (NASDAQ:WTBA), a state commercial bank headquartered in West Des Moines, Iowa, announced the immediate resignation of Patrick J. Donovan from its Board of Directors and that of its wholly-owned subsidiary, West Bank, on Monday.
Donovan, who also served on the Risk Management & Information Technology Committee, cited personal reasons for his departure, which the company stated was not due to any disagreement or conflict.
Donovan's resignation concludes his five-year tenure on the board, during which time he contributed to the governance and strategic direction of the company. The company expressed its gratitude for Donovan's dedicated service over the years.
This corporate update was disclosed in a filing with the Securities and Exchange Commission on Wednesday, August 21, 2024. West Bancorporation has not yet announced a successor or provided details on plans to fill the vacancy on the board.
The company's stock, listed on The Nasdaq Global Select Market under the ticker symbol WTBA, may be watched by investors for any market reaction to this announcement. The information in this article is based on a press release statement.
InvestingPro Insights
As West Bancorporation Inc. navigates the departure of Patrick J. Donovan from its Board of Directors, investors may look to the company's financial health and historical performance for guidance. According to InvestingPro data, West Bancorporation boasts a stable market capitalization of $322.68 million and a P/E ratio that has remained consistent at approximately 14.84, reflecting investor sentiment on its earnings potential.
Furthermore, the company's dedication to shareholder returns is evident, with a notable dividend yield of 5.32%, a testament to its commitment to maintaining dividend payments for 26 consecutive years.
InvestingPro Tips highlight that despite facing challenges with weak gross profit margins, West Bancorporation is expected to remain profitable this year, as analysts predict, and has been profitable over the last twelve months. This financial resilience is crucial as the company seeks to fill the board vacancy left by Donovan. For investors seeking more in-depth analysis, there are additional InvestingPro Tips available at InvestingPro that may provide further insight into West Bancorporation's investment potential.
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