Foundations Bank in Pewaukee, Wis., has made it official with interim leader John Hazod.
Hazod is now president, chief executive and director at the $118 million-asset Foundations, according to a recent press release. He has served as interim head since October 2012, succeeding Greg Kolton, who launched the bank with his wife Heidi in 2005.
The Koltons resigned as CEO and chief operating officer in February 2011 as Foundations struggled in the aftermath of the economic downturn. At the time, the company was operating under a June 2010 consent order issued by the Federal Deposit Insurance Corp. that required the bank to review management, increase capital and clean up its loan portfolio.
Under Hazod's leadership, Foundations raised more than $5 million in capital earlier this year. It was released from the FDIC order in September.
"[Hazod] has done an outstanding job leading the organization through a very challenging time and was instrumental in the rival of our company," Robert Schmidt, the chairman of the bank's board, said in the release. "Our bank is strong and we have the right team in place thanks to his tireless commitment to and leadership of this organization."
Hazod joined Foundations as chief financial officer in 2004.