Millennium Bankshares Corp. in Reston, Va., said Wednesday that Richard I. Linhart, who took the helm at the struggling company 18 months ago to help revive it, had resigned and would leave this month for personal reasons.
Mr. Linhart, the chairman, president, and chief executive officer of Millennium and its bank unit, announced Jan. 1 that he would leave by the end of the month but would continue to help as needed, the company said.
On Monday, John F. Novak, the chief operating officer of the parent company and the banking unit, added the titles of interim president and CEO. Also this week, Grayson P. Hanes became Millennium's chairman, and Joseph W. Paulini became the bank's chairman.
The bank, bogged down by bad construction and development loans made in markets like Atlanta and Jacksonville, Fla., lost $8.9 million in the third quarter, compared to a $1.4 million loss the year earlier, according to data from the Federal Deposit Insurance Corp. Its nonperforming loan ratio was 8.15%, down from 9.54%.