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ARCHIVED  June 1, 1997

Drennan ousted as president of 1st Choice

FORT COLLINS – John Drennan has left his position as president of 1st Choice Bank and 1st Choice Financial Corp. in Fort Collins, after bank president and CEO Darrell McAllister requested his immediate resignation.

A settlement agreement prohibits either side from disclosing the terms of a severance package, but McAllister said that he and Drennan had reached an amicable agreement.

“The public line is that I left because of a difference in philosophy,´ said Drennan, who left 1st Choice March 17. “We’ve come to a resolution, but it’s still a shock. It was the most difficult thing I’ve ever had to deal with in my career.”

Drennan recalled that the day he came back from vacation, McAllister showed up at his office and asked for his resignation.

“The reason he gave was that it had come to his attention that there were certain prospective clients who would not bring their business to the Fort Collins office while I was there,” he said. “He told me the decision was not based on my performance, and he shouldered full responsibility for the decision.”

Drennan did not resign but agreed to a 30-day paid administrative leave of absence, during which a settlement was reached, he said.

During Drennan’s three-year tenure as president, 1st Choice Bank in Fort Collins enjoyed healthy growth. Drennan said the bank has grown by 20 percent since January. The number of accounts has grown to approximately 3,000, and staff has increased from eight employees to 22. Drennan said he also raised $8.5 million in capital in two and a half years.

On July 1, Drennan will begin his new position as chief financial officer for Cytomation Inc. a Fort-Collins-based manufacturer of high-tech medical equipment. As the company’s first CFO, Drennan will make preparations to take the 9-year-old company public within the next two years.

“I feel personally and professionally challenged by this opportunity,” he said. “And I appreciate the confidence of the CEO and other principals in my ability. I feel I’ve left behind a healthy situation, a great staff and no skeletons in the closet.”

FORT COLLINS – John Drennan has left his position as president of 1st Choice Bank and 1st Choice Financial Corp. in Fort Collins, after bank president and CEO Darrell McAllister requested his immediate resignation.

A settlement agreement prohibits either side from disclosing the terms of a severance package, but McAllister said that he and Drennan had reached an amicable agreement.

“The public line is that I left because of a difference in philosophy,´ said Drennan, who left 1st Choice March 17. “We’ve come to a resolution, but it’s still a shock. It was the most difficult thing I’ve ever had to deal…

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