Former Baylake CEO Cera Departs Newly Merged Nicolet Bank

Baylake Bank CEO Rob Cera addresses shareholders of Baylake Bank and Nicolet National Bank during the April 12 shareholder merger meeting at Stone Harbor Resort in Sturgeon Bay.

Less than a month after the April 29 merger of the former Baylake Bank and Nicolet National Bank, former Baylake Bank CEO Robert Cera left the bank on May 24, according to a document filed with the U.S. Securities and Exchange Commission.

“As a result, Mr. Cera no longer serves as co-chairman, co-president and co-chief executive officer of the company, nor as co-chairman of the bank,” the document states. “Mr. Bob Atwell will continue, singularly, as chairman, president and CEO of the company, and as chairman of the bank. Mr. Cera has also resigned from the company and bank boards.”

Terms of the agreement include a lump sum cash payment of $2 million payable to Cera within 30 days after the termination date and accelerated, full vesting of stock options and restricted stock units previously issued by Baylake Corp. to Mr. Cera under the Baylake Corp. 2010 Equity Incentive Plan and the forfeiture of the $250,000 retention bonus he received in the merger, as well as forfeiture of the 25,974 shares of unvested restricted stock issued to Cera on April 29, 2016.