Baytree National Bank and Trust in Lake Forest, Ill., has tapped a local attorney as its new chairman.
Robert T. Isham, who has a private practice in nearby Lake Bluff, succeeded Willard Bunn 3rd as the board's new leader, the bank said on Wednesday. Isham has been a director at Baytree for the past year. Bunn stepped down as chairman after becoming a managing director at Colonnade Advisors, a Chicago investment bank.
Isham "understands our marketplace and also brings a distinguished business and legal background to the bank," Michael Flynn, Baytree's president and chief executive, said in the release.
EB Financial Group bought Baytree in 2010 to help rehabilitate the bank. Baytree was adequately capitalized at June 30, with a total risk-based capital ratio of 9%, according to the Federal Deposit Insurance Corp. Still, its nonperforming assets swelled to 9.3% of total assets at June 30, compared to 8.7% at March 31.