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Banks Replace Executives

Recent bank executive activity

Aug. 24, 2010

By SAM GARCIA


A $22 billion bank based in Connecticut has named a new chief, while a Michigan-based institution lost one if its directors to a hedge fund. Several other sizable institutions also made changes among their executive ranks. After a quarter century at the banking sector's primary trade group, the top executive is leaving.

Following "an extensive executive search," People's United Financial Inc. announced that John P. Barnes was named president and chief executive officer of the $22 billion bank-holding company. Barnes has also joined the Bridgeport, Conn.-based firm's board of directors.

Barnes, who was considered along with other internal and external candidates, took over as interim president and CEO when Philip R. Sherringham left in April. He originally worked for Chittenden Bank from 1983 until its 2008 acquisition by People's United.

"In the three months that Jack has led People's United as interim President and CEO, he has clearly demonstrated his strong leadership skills and the ability to execute on our strategy of delivering growth and increasing shareholder value," People's United Chairman George P. Carter said in the statement.

Lesley Goldwasser resigned as a director of Flagstar Bancorp Inc.'s board on Aug. 17, the Troy, Mich.-based company announced. The resignation followed Goldwasser's acceptance of an executive position with Credit Suisse to run a new hedge fund group. Another director, David Treadwell, take over as lead independent director at the $13.9 billion bank.

FirstMerit Corp. appointed N. James Brocklehurst as executive vice president, retail banking, a July announcement said. Brocklehurst joined the $12.3 billion institution in July 2006 and has a total of 22 years' experience in retail banking, including 16 years at JPMorgan.

In Fremont, Calif., Haruo Tsutsumi was named chief credit officer of Fremont Bank, according to a press release last month. In his new role, he'll manage the $2.4 billion bank's commercial loan portfolio including strategic policy, analysis and reporting.

Before his latest job, Tsutsumi spent 20 years in loan policy and portfolio management. He was an EVP at Pacific Commerce Bank.

The newly created position of managing director of regulatory affairs at First Michigan Bank was filled, an Aug. 9 news release indicated. In her new job, Mary M. Fowlie will manage all regulatory compliance and community reinvestment act compliance at the $0.1 billion bank. She previously held several group senior VP spots at LaSalle Bank Midwest N.A.

Four executives of Arrowhead Central Credit Union were terminated by the National Credit Union Administration, a July 14 statement said. The four were placed on temporary administrative leave when the institution collapsed on June 25 and the NCUA assumed control.

Katie B. Weeks was appointed executive vice president and director of human resources at Hampton Roads Bankshares Inc., a news release last month indicated. The 25-year HR veteran last worked at Old Point National Bank. Hampton had $2.9 billion in assets on June 30.

At the Bank of Utah, Chief Financial Officer Douglas L. DeFries will replace James C. Anderson on Dec. 31 when he retires, the Standard Examiner reported. Chief Credit Officer Roger G. Shumway has been upgraded to an EVP, while Branden P. Hansen is taking over as CFO and Controller Menah C. Strong will add chief administrative officer to her title.

In Asbury Park, N.J., Ed Pinto was hired as a branch manager for First Financial Federal Credit Union, a press release this month said. Pinto previously worked at Citi Bank and GMAC Mortgage.

Marilyn Sperling was appointed president and CEO by The Greylock Federal Credit Union's board of directors, according to published reports. Sperling was named interim president of the $1.2 billion credit union in June.

The retirement of American Bankers Association President and Chief Executive Officer Edward L. Yingling was disclosed last month by the Washington, D.C.-based trade group. The 61-year-old executive, who has spent a quarter century at the trade group, retires on Dec. 31.

Yingling departs as the banking sector faces some of its biggest regulatory challenges since the 1930s. He said that he plans to stay active in the industry.

ABA affiliate BAFT-IFSA said in a July 21 press release that Joseph Pawelczyk was hired as a VP. His previous position was VP of client relations at the Clearing House Interbank Payments System.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com in 2000.

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