FinWise Bancorp announced the retirement of Chairman of the Board of Directors, Russell Fred Healey, Jr. effective as of October 6, 2022. Mr. Healey steps down after nearly two decades of service to the bank, and 12 years as Chairman. Kent Landvatter, CEO and President, has been named as Chairman of both FinWise Bancorp and FinWise Bank.

Mr. Healey was appointed to the FinWise board of directors in April 2003 and has served as the Chairman of the board of directors since October 2010. Mr. Healey served from April 1993 to September 2010 as the Chief Financial Officer and Chief Operating Officer of Feature Films for Families and is the sole owner and operator of The Healey Company which manages over $100 million in real estate assets. Healey also served as the director of real estate and development of the Challenger School Foundation.

During that time, he supervised the construction of over $60 million in buildings and remodeling projects. Mr. Healey received his Master of Finance summa cum laude from the University of Utah in 1980. On October 6, 2022, Mr. Healey, who served as Chairman of the Board, resigned from the Board, including the Audit, Compensation and Nominating & Corporate Governance Committees of the Board, for health reasons.

On October 6, 2022, the Board elected Mr. Alan Weichselbaum as a Class I director to fill the vacancy created as a result of Mr. Healey's resignation. Mr. Weichselbaum previously served as a member of the Board from May 19, 2015 through May 7, 2021. Following Mr. Weichselbaum's resignation from the Board on May 7, 2021, the Company and Mr. Weichselbaum entered into a secured promissory note, dated as of August 6, 2021 (the “2021 Note”), pursuant to which Mr. Weichselbaum borrowed $143,410 in principal amount from the Company to pay an aggregate exercise price of the same amount for his exercise of stock options to purchase an aggregate of 30,000 shares of the Company's common stock on August 6, 2021.

On October 6, 2022, the Board appointed Mr. Kent Landvatter, the Company's President and Chief Executive Officer, as Chairman of the Board and Mr. Howard I. Reynolds, the Vice Chairman of the Board, as Lead Independent Director, in each case in addition to their respective current positions with the Company.