Golden Mountain Financial Holdings Corp. (fka FNBCQ)

[Enterprising Investor]

First NBC Bank’s longtime CEO gives up title amid troubles (12/06/16)

By: Lance Traweek, Managing Editor

First NBC Bank’s longtime leader and founder Ashton Ryan Jr. has stepped aside as CEO, according to a news release from the bank’s holding company.

First NBC Bank is separating the roles of CEO and president, which founder Ashton Ryan Jr. previously held. CityBusiness file photo

First NBC Bank’s Holding Company announced the leadership transition plan on Tuesday in a news release that stated the plan is “designed to strengthen the company’s operations and to best position First NBC for the future.” The changes are subject to regulatory approvals.

The announcement states the bank’s intent to separate the roles of CEO and president, with Ryan continuing as president and a member of the board of directors of the bank and its parent company.

The board has appointed Hermann “Buck” Moyse III as interim CEO and Marsha Crowle as interim chief operating officer.

First NBC has a search process underway to identify potential leaders. The news release states that the search process is led by the board’s recently formed Structural and Organizational Committee.

First NBC has retained executive search firm Chrisman & Company to help in the process.

This is the second time First NBC has announced leadership changes this year. In September, First NBC Holding Company appointed a new chairman, Shivan Govindan, to take over the title that Ryan previously held. The 68-year-old Ryan said in the weeks prior to the announcement that he was seeking a successor.

Govindan said in Tuesday’s news release that the plan is intended to strengthen First NBC’s operational foundation as the bank focuses on fortifying its capital position and enhanced shareholder value.

Moyse has served as has served as chairman of the board of First NBC Bank since September and as a director of the bank since its inception in 2006.

Crowle has more than three decades of banking experience and has served as a senior executive vice president and will continue to serve as chief compliance officer of First NBC. She has held various managerial responsibilities over the bank’s operations.

First NBC’s board of directors is “actively pursuing strategic options to deliver enhanced shareholder value,” the press release notes. “First NBC does not intend to comment further unless and until a definitive transaction is achieved.”

The Wall Street Journal reported in November that the bank was weighing its options amid a turbulent year that saw its stock plummet. Those options include raising new capital by selling shares or selling the bank outright.

First NBC has entered into a consent order with regulators to expand its capital position. According to the Nov. 10 consent order with the Federal Deposit Insurance Corporation and the Louisiana Office of Financial Institutions, the bank agreed to review its management, loan review and form a strategic plan, which includes a plan to sustain adequate liquidity.

http://neworleanscitybusiness.com/blog/2016/12/06/first-nbc-banks-longtime-ceo-gives-up-title-amid-troubles/