The president and chief executive of Sierra Vista Bank (SVBA) in Folsom, Calif., has stepped down.
Gregory Patton has resigned from the $85 million-asset bank's board. Sierra Vista said Monday that an executive team will manage the bank until a successor is named.
"On behalf of the board of directors, officers, and staff of Sierra Vista Bank, we wish to express our thanks to [Patton] for his services," Brady Whitlow, the bank's chairman, said in a press release. "We wish him the very best in the future."
Sierra Vista said it is "actively pursuing" a new CEO and hopes to file an application with regulators to fill the role early in the third quarter.
Sierra Vista received a $1.5 million investment from the Taylor International Fund, a Chicago hedge fund, in May. The bank decided to recapitalize rather sell despite struggling to stay afloat following the financial crisis.