Cornerstone Financial in Mount Laurel, N.J., said it will net renew the current contract for George Matteo, the company's chairman, president and chief executive.
Matteo's contract expires on March 31. The $339 million-asset Cornerstone said in a press release Friday that Gene D'Orazio, its chief operating officer, would succeed Matteo as president. Keth Winchester, Cornerstone's chief financial officer, will also become its chief operating officer.
Susan Barrett, a member of Cornerstone's board, will become the chairman, effective April 1. The company's release did not outline plans for a new chief executive.
Cornerstone posted a $4.2 million loss in the third quarter, as well as negative returns on assets and equity, according to the Federal Deposit Insurance Corp. Noncurrent loans comprised 7.5% of total loans at Sept. 30.