A Princeton native has been appointed CEO and chairman of the Cincinnati area’s 10th largest bank.
H. David Wallace was appointed last week by the Heritage Bank Board of Directors to replace former CEO Chris Caddell, who died unexpectedly earlier this year. At that time, Wallace began sharing CEO responsibilities with Charolette Vermillion, a long-time employee who has since retired. Wallace has been legal counsel to the bank since its inception in 1990, advising Caddell as well his father and founder, Arnold Caddell.
“As a long-time trusted business confidant, David understands the vision Chris Caddell cast for Heritage Bank and possesses many of the same leadership qualities that enabled Chris to move the bank so effectively to the next level,” said Lee Scheben, Heritage Bank President on behalf of the Heritage Bank Board of Directors.
Wallace is a 1979 graduate of Caldwell County High School. Upon graduation, he earned and associate degree from Hopkinsville Community College and transferred to the University of Kentucky, where he finished with a bachelor’s degree in agriculture economics. He then went on to earn his law degree from the Salmon P. Chase College of Law at Northern Kentucky University.
Heritage Bank was one of his first clients after graduating from law school. Until recently, he was a partner at Wallace Boggs PLLC, a firm he co-founded. He met the late Arnold Caddell at Erlanger Baptist Church when he joined the Sunday school class Arnold taught.
Wallace’s goal is to keep Heritage Bank playing to its strengths.
“The first thing I want our customers and employees to know is that Heritage Bank will remain independent and focused on this region,” said Wallace. “More than ever, Cincinnati and northern Kentucky need a strong, independent community bank succeeding by meeting the local needs big banks are less equipped to handle.
His father, James R. “Jimmy” Wallace, served as Caldwell County PVA from 1965 to 2007. His mother, Bettie, also worked in the office. During that period, the family maintained a large farm on Ky. 293 South that featured exotic animals.
“Everybody knew where our farm was,” David Wallace said.
He and his brother, Steve Wallace, still own 700-800 acres in Caldwell County that Steve manages.
David Wallace grew up in a family steeped in 4-H activities and made annual visits to the Kentucky State Fair. As an adult, he has held leadership roles in local and state 4-H organizations, was presented the 4-H Honorary Emerald Award and has been inducted into the Kentucky 4-H Family Hall of Fame. Wallace recently completed a four-year term on the Kentucky State Fair Board.
Heritage Bank was founded three decades ago by a group of local businesspeople alarmed about the shrinking access to community banks able and eager to respond to regional consumer and business banking needs.
“My grandfather always said, ‘Never forget where you came from,’ and as the bank serves more and more consumers and businesses across the region, it’s my job to ensure we are true to our mission and faith-based values,” said Wallace. “Heritage Bank has grown into a $1 billion dollar bank in just 30 years without sacrificing our founding values, and we’ll continue to grow by remembering where we came from and the people who helped us succeed.”
Wallace lives in northern Kentucky with his wife Roberta. He has two adult daughter and two grown stepdaughters.