Chesapeake Bank & Trust in Chestertown, Md., has begun searching for a new chief executive.

The bank's current president and CEO, James Anthony, resigned on Monday to take a position as the chief operating officer at the $789 million-asset Severn Savings Bank in Annapolis.

The bank said in a news release that if a replacement is not found by July 11, the bank's chief operating and financial officer, Richard Coffman, will serve as acting CEO. Additionally, board Chairman Michal Macielag and a former Chesapeake loan officer who currently serves on the board will step in to provide additional guidance, the bank said.

"One of the realities of community banking is that if you are blessed to have a talented executive, other institutions will recognize it and seek to recruit that officer to their team," said Macielag in a press release. He added that Severn is "nearly ten times the size of Chesapeake."

Chesapeake has assets of $96 million and operates three offices in Chestertown.

Anthony's last day at the bank has not been announced yet, a bank spokeswoman said in an email. He plans to start his new job at Severn, however, at the beginning of August.

News of the leadership changes was first reported by The Kent County News.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.