DALLAS – Town North Bank, owned by credit union, announced yesterday its long-time CEO John Reap is retiring and will be succeeded by Steven McDonald, its chief financial officer since Sept. 2008.
Reap has served as president and CEO for 15 years. The bank reported a $29.3 million loss for 2008 and $20 million loss for the first six months of 2009, and saw its assets decline from $1.4 billion to $900 million over the 12 months from mid-year 2008 to mid-year 2009, according to SNL Securities, a bank rating company.
"Steve’s strong financial background and close ties to the Dallas community made him the ideal candidate to take over the reins at Town North Bank." said Jesse Gutierrez, chairman of the board of Town North Bank, and president of Texas Bay Area CU.
TNB is the parent of TNB Card Services, which provides credit card services for more than 550 credit unions.
