The Financial Accounting Standards Board announced the appointment of two new members to its Small Business Advisory Committee (SBAC).

The SBAC serves as a standing resource for the FASB. Its role is to provide focused input and feedback from a small public company perspective, consider whether there are differences in that input for small public versus private company perspectives, and assist the FASB and its staff on matters for which the FASB may seek guidance.

The new members of the SBAC are Michael J. Phillips, Executive Vice President and Chief Strategy Officer, Planters First Bank, and Geoffrey R. Morgan, partner, Croke Fairchild Morgan & Beres. “On behalf of the FASB, I’m pleased to welcome Michael Phillips and Geoffrey Morgan to the SBAC,” stated FASB Chairman Russell G. Golden. “Each will bring a valuable perspective to the SBAC as it carries out its mission to provide the FASB with input on issues of importance to small public companies."

Dan Speight, CEO, Planters First Bancorp, commented,“We are very proud of Mike and his appointment to the Small Business Advisory Committee. I have had the honor to work with Mike for over 30 years and his dedication to community banking and those we serve, small businesses and their owners, has been evident during this time. The Committee is fortunate to have someone with Mike’s skill and understanding as part of their group.”

“We were very fortunate to have Mike join our banking team in September 2019. His talents and work ethics have been known by a lot of bankers in Georgia and Alabama. He continues to impress us with his knowledge and abilities in banking and finance in his everyday work. We are confident Mike will make an excellent member at the Small Business Advisory Committee and we further expect him to make a difference.“commented Planters First Bank, President, and CEO, L. Steve Bridges.