AmericasBank Corp. of Towson, Md., said Monday that it has dismissed Mark H. Anders as its president and chief executive officer and appointed A. Gary Rever as the acting CEO of the company and its AmericasBank.
Mr. Anders joined the struggling $146 million-asset company in 2003 and oversaw its transition from a privately held to a publicly traded company. Mr. Rever joined the company about a month after Mr. Anders as its chief financial officer.
AmericasBank Corp. has not released its first-quarter earnings. After reporting a fourth-quarter loss of $2.5 million, or 96 cents a share, Mr. Anders said, "2008 is not going to be a good year for banks, and we are no exception."
The company attributed the loss to a $2.9 million loan-loss provision it took cover to writedowns of five loans, including three in which it uncovered evidence of fraud, and to build up reserves as real estate conditions in its markets continue to weaken.
AmericasBank Corp. shares have dropped 75% this year. They were trading at $1.01 late Monday.
