OptimumBank in Florida Gains a CEO, Loses Its President

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OptimumBank Holdings (OPHC) in Fort Lauderdale, Fla., has hired a veteran banker as its chief executive.

The $150 million-asset company said Tuesday that it had hired Timothy Terry. He succeeds Richard Browdy, who resigned as the company's interim CEO, president and chief financial officer. Browdy also left the company's board.

Terry has held executive roles at several Florida banks. Last year, he was the interim president and CEO at Putnam State Bank in Palatka, Fla. He was also the president and chief executive of Enterprise Bank of Florida from 2005 to 2011.

Terry's "knowledge of the banking and business landscape of the state of Florida is impressive and of great value to the company," Moishe Gubin, OptimumBank's chairman, said in a press release.

Browdy had been the company's president and chief financial officer since it was created in 2000. An OptimumBank spokesman was not available for further comment.

The company lost $4.7 million last year, including $2.3 million in the fourth quarter.

Nearly one year ago, OptimumBank's shares briefly became one of the hottest stocks on Nasdaq. A flurry of buying pushed the seldom-traded company's shares up to $3.90, puzzling even the company's board. The stock is currently trading at around 50 cents a share.

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