Murray J. Brown, president and chief executive of Trans Financial Bancorp's Tennessee banking unit, resigned to pursue outside business interests.
Mr. Brown had been in the job since the Bowling Green, Ky.-based banking company acquired First Federal Savings Bank of Tennessee in March 1992, where he was President and chief executive.
He was in charge of Trans Financial Bank of Tennessee, Tullahoma, which has $400 million in assets and 14 branches.
Douglas M. Lester, chairman of Trans Financial, said Mr. Brown left to run his own manufacturing business.
"I think he decided that after all of the years [in banking] he was interested in a change," Mr. Lester said. "I was a little surprised.... We had a very strong relationship with him. He did a nice job for us."
Mr. Brown could not be reached for comment.
Mr. Brown was replaced by James G. Campbell, a community banker who joined Trans Financial in April 1992.
"He's very retail oriented," Mr. Lester said of Mr. Campbell. "We think he will be able to do a lot with the retail network."
Trans Financial had $1.2 billion in assets for the quarter ended Sept. 30, up 26% from a year ago. The company earned $6.8 million for the first nine months of the year, compared with $6.7 million in 1992.
Noninterest expenses were $10.8 million in the third quarter, up $3.3 million, or 45% from a year ago. The increase was due to acquisitions.
Acquisition Strategy
Trans Financial completed a $33 million offering of subordinated debentures in September to repay $12 million in debt and help fuel future acquisitions.
In the last two years, Trans Financial has acquired five banks and thrifts.
Mr. Lester said Trans Financial could make anywhere from one to four acquisitions this year. The banking company plans to acquire institutions through a pooling of interest.
He said Trans Financial is looking to acquire institutions in northern Alabama, West Virginia, and Virginia.
"You could see something yet this year," he said. "We have a lot of People calling use these days. We have a lot people come to us."
Mr. Lester said bankers are selling because directors are reaching retirement age, and the business has become more complicated. Trans FinancialAt a Glance Headquarters Bowling Green, Ky. Chairman Douglas M. Lester Assets $1.2 billion Net income* $6.8 million ROA 0.78% ROE 12.09% Branches 37 *Nine months
