Stock Yards Bancorp’s New Principal Accounting Officer: A Signal of Financial Discipline and Strategic Clarity

The appointment of Michael W. Woods as Principal Accounting Officer at Stock Yards Bancorp, Inc. (SYBT) marks a pivotal moment for the regional bank. With over 25 years of experience in financial reporting, internal controls, and strategic planning, Woods brings a track record of navigating complex regulatory environments and managing high-stakes financial transitions. His hiring signals a clear commitment to strengthening financial governance and operational discipline—a critical focus for investors evaluating SYBT’s long-term trajectory.

A Proven Leader in Financial Governance

Woods’ career trajectory underscores his expertise in roles that demand precision and oversight. From 2017 to 2022, he served as Principal Accounting Officer at Old National Bancorp, a position he assumed after Joan Kissel transitioned to Chief Audit Officer and Ethics Officer [1]. Prior to that, he held senior roles at FirstMerit Corporation and KeyCorp, where he managed SEC reporting, internal controls, and financial strategy [2]. His ability to oversee mergers, acquisitions, and regulatory compliance—critical for banks navigating expansion—positions him to address SYBT’s strategic priorities.

While direct metrics on Old National’s governance improvements during Woods’ tenure are sparse, his responsibilities suggest he played a key role in maintaining compliance and transparency. For instance, Old National pursued aggressive growth through acquisitions during his time there, including a $303 million expansion into Minnesota in 2017 and a $45 billion merger with a Chicago-based bank in 2024 [3]. Such moves require rigorous financial oversight to align with regulatory standards and investor expectations. Woods’ experience in managing these transitions implies he can help SYBT balance growth with accountability.

Strategic Implications for Stock Yards Bancorp

SYBT’s decision to appoint Woods reflects a proactive approach to leadership. The bank’s previous Principal Accounting Officer, T. Clay Stinnett, will remain as CFO, ensuring continuity while allowing Woods to focus on accounting and regulatory reporting [4]. This dual structure could mitigate risks during SYBT’s strategic initiatives, such as expanding its treasury function or optimizing budgeting processes.

Woods’ compensation package further underscores his importance to SYBT’s future. With a base salary of $240,000, performance-based incentives, and restricted stock awards, the bank is aligning his interests with long-term shareholder value [5]. The inclusion of a double-trigger change-in-control severance package also signals confidence in his ability to stabilize operations during potential corporate shifts.

A Cautionary Lens: Lessons from Old National’s Challenges

While Woods’ background is impressive, investors should remain cognizant of the broader context. Old National’s tenure under Woods coincided with both growth and controversy, including a 43% profit surge in 2019 alongside a redlining lawsuit in Indianapolis [6]. These events highlight the delicate balance between expansion and ethical governance—a challenge SYBT must navigate carefully. Woods’ experience in managing such complexities could be a key differentiator, but it also underscores the need for vigilant oversight.

Conclusion: A Step Toward Institutional Confidence

The appointment of Michael Woods is more than a routine leadership change—it’s a calculated move to reinforce SYBT’s financial credibility. In an era where regulatory scrutiny and investor expectations are at an all-time high, his expertise in accounting, compliance, and strategic planning positions the bank to execute its growth agenda with discipline. While the absence of granular data on Old National’s governance improvements under Woods leaves some questions unanswered, his career trajectory and SYBT’s investment in his role suggest a commitment to elevating the bank’s operational rigor.

For investors, this signals a potential inflection point. If Woods can translate his experience into measurable improvements in transparency and efficiency, SYBT may emerge as a compelling play in the regional banking sector. But as with any leadership transition, the true test will lie in execution—and the markets will be watching closely.

Source:
[1] Stock Yards Bancorp appoints Michael Woods as principal accounting officer. Company News. Published 09/03/2025, 11:32 AM [https://www.investing.com/news/company-news/stock-yards-bancorp-appoints-michael-woods-as-principal-accounting-officer-93CH-4222216]
[2] Old National names Michael Woods Principal Accounting Officer. GlobeNewswire. Published 02/27/2017 [https://www.globenewswire.com/news-release/2017/02/27/928247/0/en/Old-National-names-Michael-Woods-Principal-Accounting-Officer.html]
[3] Old National – Indianapolis Business Journal [https://www.ibj.com/topics/old-national]
[4] [8-K] Stock Yards Bancorp, Inc. Reports Material Event [https://www.stocktitan.net/sec-filings/SYBT/8-k-stock-yards-bancorp-inc-reports-material-event-edba23ef4dd0.html]
[5] Stock Yards Bancorp, Inc. Appoints Michael W. Woods as Principal Accounting Officer effective September 3, 2025 [https://www.marketscreener.com/news/stock-yards-bancorp-inc-appoints-michael-w-woods-as-principal-accounting-officer-effective-septe-ce7d59dbda88f02d]
[6] Old National – Indianapolis Business Journal [https://www.ibj.com/topics/old-national]