Pennsylvania Commerce Bancorp Inc. in Harrisburg on Friday said it had created the position of chief operating officer and named an executive from Sterling Financial Corp. to the role.
Gary L. Nalbandian, the $1.9 billion-asset company's chief executive, said Mark Ritter will oversee the company's operations, finance and risk departments, reporting to Mr. Nalbandian, who in turn will continue to oversee the company's loan and retail divisions.
Mr. Ritter, 57, joined the company from Sterling Financial Trust Company, a subsidiary of Sterling in Lancaster County, Pa. He had been CEO of the unit. Sterling is selling itself to PNC Financial Services Group of Pittsburgh.
Mr. Ritter will help Pennsylvania Commerce as it looks to grow, said Mr. Nalbandian, who is also the company's chairman and president.
Speculation about the company's future arose after its marketing partner and largest shareholder, Commerce Bancorp Inc. of Cherry Hill, N.J., agreed to sell itself to Toronto-Dominion Bank's U.S. subsidiary, TD Banknorth Inc., last month. Pennsylvania Commerce and the $48 billion-asset Commerce of New Jersey have an unusual marketing arrangement that allows Pennsylvania Commerce exclusive rights to the Commerce brand in 34 Pennsylvania counties.
On Friday, Mr. Nalbandian said the company remains committed to staying independent, but he acknowledged that there is some uncertainty regarding branding. "Basically, it is too early to tell what is going on with brands and that sort of thing," he said.
However, Mr. Nalbandian, 64, said the new position is not part of a succession plan and said he has "no plans to retire soon."
Joseph Fenech, an analyst at Sandler O'Neill & Partners LP, said the new position "adds bench strength to the company."
"I wouldn't read anything more into it than it reiterates management's desire to remain independent," he said.
