With 16% of its loans now nonperforming, 1st Centennial Bancorp in Redlands, Calif., said Tuesday that it has fired its president and chief executive officer, Thomas E. Vessey, and its chief credit officer, John P. Lang.
Suzanne Dondanville, who has been the chief operating officer at 1st Centennial since January 2003, will be its interim president and CEO, the $763 million-asset company said in a Securities and Exchange Commission filing.
The board terminated the employment of Mr. Vessey and Mr. Lang as of Friday, the filing said. Mr. Vessey also resigned from the boards of the company and its bank unit.
1st Centennial, which had been an active residential construction lender, had a dramatic rise in chargeoffs and nonperformers in the last few quarters as home sales slowed and builders struggled to repay loans. It reported a $2.8 million loss for the second quarter, nearly double that of the first quarter.
