First Federal Bankshares Inc. in Sioux City, Iowa, is running out of time to raise capital, and now it also needs to find a chief executive.

The $503 million-asset company said after the market closed Tuesday that Levon Mathews, who was brought in late last year to turn around the company, will resign as president and CEO on Sept. 25 to join another bank. First Federal did not identify the bank.

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