FULLER, Lynn B.

FULLER, Lynn B. (Maquoketa, IA, Aug. 9, 1949- ). Fuller, son of Lynn S. FULLER, began his career in banking in 1971 as a commercial teller. He was named Assistant Cashier in 1974. He then worked as an officer at First National Bank of St. Paul from 1976 until returning to DUBUQUE BANK AND TRUST COMPANY in 1978. He was elected to the Board of Directors in 1984.

Fuller became President and Chief Executive Officer of the bank in 1987 and in 1991 added the responsibility of President of HEARTLAND FINANCIAL USA, INC. He was a director of Heartland subsidiaries Dubuque Bank and Trust Company, Wisconsin Bank & Trust, New Mexico Bank & Trust, Arizona Bank & Trust, Rocky Mountain Bank, Summit Bank & Trust, Minnesota Bank & Trust, and Citizens Finance Co. for more than five years; Director of Citizens Finance of Illinois Co. and Citizens Finance Parent Co. since 2013; and director of Morrill & Janes Bank and Trust Company, since its acquisition by Heartland in 2014.

Within the community, Fuller served on the boards of the DUBUQUE AREA CHAMBER OF COMMERCE, COLTS DRUM AND BUGLE CORPS, DUBUQUE MAIN STREET, LTD., and Mercy Health Center Development. (2)

In a surprise announcement on February 25, 2022, Lynn B. Fuller, executive operating chairman of HTLF, announced his intention to retire from the company although he would retain his place on the company's board of directors until 2024. In a meeting with representatives of the Telegraphy Herald on the previous day he expressed his 'extraordinary disappointment' in recent moves by the financial services company and its intention to move its headquarters to Colorado. In his letter to the company, Fuller had expressed disappointment with the apparent inability of management to articulate and follow a strategy to improve total return to stockholders. He claimed that some directors seemed focused on collapsing the charters of the company's subsidiary banks rather than on profitably expanding the loan portfolio and growing through acquisitions. Fuller stated that while administrative operations would remain in Dubuque for a time, he was concerned that those operations might be relocated to Colorado too.

On March 15, 2022 Fuller was removed as executive operating chairman after he and a group of shareholders called for a 'better steward' for the organization. The announcement came one week after 13 shareholders controlling 6.1% of the common stock sent a letter to the board expressing concerns that Fuller had previously raised. The group included Fuller, a member of the HTLF's board o directors, and board chairs from some of the HTLF's banks. Replacing Fuller was John Schmidt, a member of the board since 2001, who was given the title of independent chairman. Fuller remained on the board until his term expired. (3)

Fuller had served as the executive operating chairman since 2018. Prior to this, he was the CEO of Heartland Financial USA from 1999 to 2018 and president of the company from 1900 to 2015. He was chairman of the board or directors since 2000. (4)

---

Source:

1. Heartland Financial USA, Inc. on 04/06/2015. Online

2. Kruse, John, "HTLF Leader Retiring Amid Concerns," Telegraph Herald, February 25, 2022, p. 1A

3. Hinga, Allie, "HTLF Shareholders Call For Leadership Change," Telegraph Herald, March 16, 2022, p. 1A

4. Kruse