Tri-Valley CEO Terry take CEO job at Vineyard
Glen Terry, president and CEO of Tri-Valley Bank, resigned abruptly to take the president and CEO role at struggling Vineyard National Bancorp in Corona, the parent of Vineyard Bank N.A.
Terry left Tri-Valley Bank after just four months on the job.
John Rockwell, chief operating officer, and Eugene Jeanne, chief financial officer, will oversee Tri-Valley Bank during a transitional period as it undertakes a search for a new CEO. Rockwell served as interim chief financial officer after founding CEO Bill Nethercott left the bank earlier this year to help start another bank in San Francisco.
Having just gone through a CEO search several months ago, Tri-Valley already has a search firm and a list of potential candidates for the CEO position, said Jim Snell, chairman of Tri-Valley Bank, who added that Terry’s resignation, which he received via e-mail on Sept, 15, came as a surprise.
“I’m upset by it, but it’s not a devastating blow,” Snell said.
Three-year old Tri-Valley in August said its total assets topped $100 million. Near the end of the third quarter, the bank had $82 million in deposits and $78 million in loans, with a substantial amount of new loans in the pipeline, Snell said. The bank’s ratio of noncurrent loans to total loans stood at 0.63 percent at the end of the second quarter. While the bank has reported a net loss of $680,000 this year through June 30, Snell said that a noncash stock option expense that has hurt earnings goes away effective this month.
Vineyard announced Terry’s appointment, and the appointment of Lucilio Couto as executive vice president and chief credit officer, on Sept payday loan. 18. Terry's appointment was effective Sept. 12, according to Vineyard.
Terry, a Vineyard shareholder, was elected to Vineyard’s board of director at the bank’s annual meeting on Aug. 5. He was part of a alternate slate of directors proposed by the bank’s previous CEO, who was mounting a proxy fight.
Vineyard, with $2.2 billion in assets, has struggled amid huge losses from soured real estate loans. It is operating under a consent decree with the office of the Comptroller of the Currency, its regulator, that required the bank to establish a compliance committee, and name a new president and CEO and chief credit officer by Oct. 31. It must also maintain appropriate regulatory capital levels; just Friday it proposed raising as much as $250 million through a private placement of convertible debt and common stock in an effort to raise capital. Vineyard has offices in Los Angeles, Marin, Orange, Riverside, San Bernardino, San Diego, Santa Clara and Ventura counties.