Fentura Financial (FETM) in Fenton, Mich., has gotten approval for the appointments of two key executives.
The Federal Reserve gave the go ahead for Ronald L. Justice to serve as president and chief executive and James W. Distelrath to serve as chief financial officer, the $302 million-asset company said Monday.
Fentura has been operating under a written agreement with the Federal Reserve since November 2010 and a cease-and-desist order with the Federal Deposit Insurance Corp. since February 2009. The bank also has had to deal with the departures of several key executives over the last few months.
Justice, who has held various leadership positions at Fentura since 1985, replaces Donald Grill, who retired earlier this year. Distelrath replaces Douglas Kelley, who resigned in February to "pursue other interests." Distelrath was the asset/liability manager for Citizens Bank for the last two years. Prior to that, he was CFO for Clarkston Financial for four years.
In November, the company said that it had appointed Thomas P. McKenney as chairman after Forrest Shook stepped down for undisclosed personal reasons.