June 24, 2009 (FinancialWire) — Baylake Corp. (OTCBB: BYLK) (Current Market Cap: $35.60 Mil.) said that Thomas L. Herlache will retire as chairman of the bank holding company’s board on June 30, upon completion of his two-year agreement with the company to serve as its non-executive chairman. Robert W. Agnew and Richard A. Braun will serve as co-chairmen to replace Herlache.

Herlache will continue to serve as a director of Baylake. He began working full-time at Baylake Bank, formerly Bank of Sturgeon Bay, in 1967. Herlache served in roles including vault teller and trust officer, and served more than 30 years as CEO for Baylake Bank. He was appointed to the company’s board in 1970, and in 1996 became its chairman.

Agnew, who is president and CEO of Peterson Industries, was elected to the Baylake board in 2001. Braun has served as vice-chairman of Baylake since the merger of Baylake and Kewaunee County Banc-Shares in 1994. Both Agnew and Braun are active members of various board committees.

Sturgeon Bay, Wisconsin-based Baylake is the bank holding company for Baylake Bank, which provides a range of banking and financial services from 28 financial centers located throughout Northeast and Central Wisconsin, in Brown, Door, Green Lake, Kewaunee, Manitowoc, Outagamie, Waupaca, and Waushara Counties in Wisconsin.

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