Rural Development Partners announces CEO transition
Chief Operating Officer Darren Hetland promoted
(Mason City, IA) January 16, 2017: Rural Development Partners, LLC (RDP) has announced that effective January 1, 2017, Chief Executive Officer Terry Carpenter has stepped down from his role as CEO of RDP. The transition has been planned for some time and accommodates Mr. Carpenter’s desire to gradually move into full retirement. Terry will remain with RDP in an advisory staff capacity during the transition to Darren Hetland in the CEO position.
Mr. Hetland has served RDP as Chief Operating Officer since November, 2015. His responsibilities included identifying eligible loans/investments, analyzing and closing of financial transactions, overseeing pipeline origination, and managing deal structuring and closings. Mr. Hetland brings more than 23 years of experience in commercial and agricultural banking and the financial industry, having managed thousands of banking relationships and hundreds of millions of dollars of assets.
“Darren has brought a wealth of knowledge and great experience to RDP, and I am confident he will serve our organization and its mission well as its new CEO,” said Mr. Carpenter.
Mr. Hetland as the incoming CEO will assume responsibilities for managing all the day-to-day operations of RDP, including raising and deploying capital, sourcing and underwriting loans, asset management, loan servicing, compliance and community outreach for the NMTC program.
“RDP is a fantastic organization that makes a real difference in rural communities through its investments,” said Mr. Hetland. “I want to thank Terry for his trust in me and for his years of dedication and hard work for the organization. We are happy he will continue to be with us during the transition.”
Mr. Hetland has been involved in rural banking and the financial industry as well as economic development throughout his career, last serving on the Board of the Kandiyohi County EDA. He previously served as Market President at United Prairie Bank ($700MM in assets) and Village Bank ($250MM is assets). Mr. Hetland served as CEO at First Resource Bank ($36MM in assets), and CEO and Chairman of the Board at Bank of Glen Ullin ($40MM in assets). He was a Commissioned Examiner for the FDIC for 8 years and participated in the Shared National Credits review of syndicated loans in Manhattan, New York. He holds a B.A. in Economics and Business Administration from Morehead State University.
Rural Development Partners is owned by Ag Ventures Alliance Cooperative and Ag Ventures Development. RDP’s vision is to increase the economic sustainability of America’s rural communities by investing in projects that support the expansion of opportunities in rural America. Since their first NMTC award in 2003, RDP has maintained and created more than 3,500 permanent jobs and more than 2,900 construction jobs and is one of the nation’s few rural Community Development Entities with a national service territory and with a focus on rural, highly distressed areas.