State Bank Announces Strategic Leadership Succession Plan
Matt Price Named President; Current Leader Mike Baker to Serve as CEO/Executive Vice Chair
For Immediate Release
(BROWNSBURG, IN) October 30, 2024 – Premier Indiana community bank State Bank announced today that current board director Matt Price will become the bank’s seventh president, effective April 1, 2025, as part of a leadership succession plan. Price will succeed longtime President and CEO Mike Baker, who will become CEO and Executive Vice Chair.
Matthew M. Price
Baker has served as President/CEO of State Bank since 2012. Price joined State Bank’s Board of Directors in 2018. He is a partner at Dentons, having practiced over 30 years in real estate, financing and local government. He was the firm’s first Chair of the Economic Development Department.
“Matt’s selection is a reflection on the importance the Bank has placed on leadership succession,” said J. Kevin McGrath, a board member who led the succession planning effort. “Furthermore, the current executive talent pool will serve as a valuable asset for Matt’s future plans.”
“We are lucky to be able to call on Matt to lead us into the future with the steady hands and optimistic spirit he has shown as a board member,” State Bank Board Chair Andy Wernsman said. “Likewise, we are grateful to Mike for his unwavering commitment in meeting the needs of State Bank’s customers and for working alongside Matt as we build on the bank’s legacy of growth and value.”
State Bank has grown from $350 million to $826 million in assets during Baker’s tenure. Baker has led the bank’s transformation through several key initiatives, including:
- Built the commercial lending team to serve the growing customer base;
- Expanded the bank’s geographic footprint into fast-growing counties of Hamilton and Tippecanoe with branch locations in Carmel and Lafayette, respectively;
- Started new investment advisory and 401K compliance businesses to expand services for individual clients and business customers, alike; and
- Targeted technology investments for enhanced security and efficiency, including mobile and online banking platforms.
“It has been an absolute honor to be part of a great team of bankers to drive the development and preserve the history and commitment that is State Bank,” Baker said. “Matt Price will further contribute to the rich history and bright future for all of our shareholders, customers, coworkers and communities.”
Throughout his legal career, Price primarily has focused his practice on business and real estate transactions involving significant regulatory components, including zoning, annexation and financing. A lifelong Zionsville resident, Price earned his law degree from Indiana University Maurer School of Law, and he earned his bachelor’s degree from Wabash College.
“During my time as a board member of this proud community bank, I have seen firsthand how our team members connect with and invest in the customers and the communities where we operate,” Price said. “I’m deeply honored to follow in Mike’s footsteps, and genuinely inspired by his commitment to our people, as we build on the positive path forward for State Bank. I look forward to calling on his experiences as we grow State Bank and serve our communities.”
