Capitol City Bank & Trust in Atlanta has named Chief Operating Officer John Turner its new president and chief executive.
Turner replaces founder George Andrews, who remains with the $291 million-asset company as the head of capital formation and strategic initiatives, according to a press release Thursday.
"[Andrews] will focus on what we need to move forward partnerships that can help secure the financial stability of this revered institution," Capitol City Chairman C.T. Vivian said in the release. "[Andrews] has strong ties to the community which have helped the bank succeed with both our account holders and investors. He also has the expert business acumen to realize this vision of growth for the bank, so we are encouraged that he has agreed to assume this new role."
Capitol City, a minority-owned institution, was founded in 1994 to serve Atlanta's African-American community. It received a $4 million capital infusion from SunTrust Banks (STI) last year as it struggled to recover from the housing market collapse. The bank reported a Tier 1 leverage ratio of 3.3% and total risk-based capital of 5.1% at the end of June.
Capitol City has eight branches in Atlanta, Albany, Savannah and Augusta.