GBank Names Newgard CEO Ahead of October 28 Results
Key Facts
GBank Financial Holdings named Jeff Newgard president, chief executive officer and a director of the holding company in a leadership transition ahead of its third-quarter 2026 results, scheduled for October 28. The company said in a leadership succession statement that Edward Nigro is stepping down as chief executive officer and executive chairman. It appointed James K. Sims independent chairman while assigning executive leadership to Newgard. The changes cover both board and executive leadership at the Las Vegas-based bank holding company. Its shares trade on the Nasdaq Capital Market under the symbol GBFH, according to the statement.
On financial management, the company disclosed in a filing with the U.S. Securities and Exchange Commission that Olivia Calley resigned from her positions at the company and the bank, effective October 13, 2026. Her roles included interim principal financial officer and interim principal accounting officer of the holding company. Following her departure, the board appointed Newgard, the bank's president and chief executive officer, as the company's interim principal financial officer. Christine Nelson was appointed interim principal accounting officer. Nelson serves as the bank's senior vice president and controller, splitting Calley's former responsibilities between two officers of the banking subsidiary.
Newgard became president and chief executive officer of GBank effective June 8, 2026, according to the SEC filing on his appointment. His appointment to lead the holding company adds another management remit to his career within the group. In the statement announcing his appointment to lead the bank, the company highlighted his previous experience at Bank of Idaho. It said he led the bank's asset growth from $250 million in 2015 to $1.3 billion in 2025. That experience preceded the sale of Bank of Idaho's parent company to Glacier Bancorp, according to the same statement.
Newgard's employment agreement as bank president set an annual base salary of $500,000, according to the filing on that appointment. The agreement included a $100,000 signing bonus in addition to the base salary. The bonus is subject to conditional pro rata repayment if Newgard voluntarily leaves or is terminated for cause during the first year after starting work. The agreement also provided for a grant of 20,000 restricted shares. The shares vest over 3 years as part of the compensation terms tied to his leadership of the bank.
When appointed to lead the bank, Newgard highlighted its activities in "national payments and gaming fintech." He also pointed to its commercial lending and Small Business Administration-backed lending platforms, according to the appointment statement. The statement said the bank's SBA-backed lending business spanned 40 states. In a strategic investor update, the company also discussed developments in its SBA-backed lending business and gaming fintech operations. The investor presentation covered bank card services alongside those activities within the group's businesses coming under Newgard's leadership.
On financial performance before the leadership transition, the company reported net income of $5.5 million in the second quarter of 2026, according to its earnings statement. Nigro said in comments accompanying the results that "the core banking business remains fundamentally strong with tangible growth." His assessment came despite the challenges discussed in the earnings statement. On appointments, the board continues to seek a permanent chief financial officer to serve as both principal financial officer and principal accounting officer, according to the company's filing. The group plans to report third-quarter 2026 results on October 28, 2026, marking the next financial milestone accompanying its leadership transition.