Key insight: GBank Financial in Las Vegas said CEO Ryan Sullivan had decided not to renew his employment contract.
Supporting data: Sullivan has worked at GBank since its inception.
Forward Look: GBank tapped Executive Chairman Edward Nigro, the company's founder, to replace Sullivan.
Las Vegas-based GBank Financial Holdings said it replaced CEO Ryan Sullivan after he indicated he did not plan to renew his employment contract.
GBank's board appointed Executive Chairman Ed Nigro, the $1.2 billion-asset company's founder, to serve as CEO replacing Sullivan, whose contract was set to expire Aug. 31, 2026.
GBank stated in a Sept. 3 filing with the Securities and Exchange Commission that Nigro was in discussions with Sullivan on a possible consulting arrangement "and to take such actions as necessary or advisable to effectuate a smooth leadership transition."
Sullivan's departure comes two months after GBank announced its board had designated Nigro as principal executive officer. The company said in a July 2 SEC filing that Sullivan would continue as CEO, adding "his role and responsibilities within the organization have not been diminished."
GBank has been mum on the reasons for Sullivan's departure, but Janney Montgomery Scott analyst Tim Coffey suggested Thursday in a research note that "Sullivan and Nigro have not been on the same page for several months regarding the importance of developing the payments and gaming business lines."
Nigro, 83, a prominent Las Vegas investor and real estate developer, had not returned a reporter's call seeking comment at deadline. Nigro founded GBank in 2007. Sullivan has worked at GBank since its inception, first as chief financial officer and since 2017 as president and CEO of the holding company.
GBank is the company's bank subsidiary.
In an email Friday, Coffey stated the split between the two longtime colleagues likely stemmed from a temporary slowdown in credit card applications GBank was forced to implement during the second quarter to revise its application and approval process and strengthen its customer service platform. "We believe the company sees the card product as a significant revenue source going forward and there was not alignment on how best to get that product moving until cards were already issued," Coffey wrote. "I think that disruption showed Gbank the need for an executive experienced in the payments business."
In the research note Thursday, Coffey stated that gaming and GBank's credit card business "are the future" of the company.
GBank's card business targets prime and superprime consumers offering cash rewards on gaming transactions. GBank launched its GBank Signature Visa card in October 2023. Through the first six months of 2025, transactive volume totaled $187 million.
GBank is also supporting the development of BoltBeltz, a cashless gaming payments platform. BoltBeltz, whose CEO is Todd Nigro, Edward Nigro's son, announced the acquisition of its first client, JETT Gaming, on Aug. 28.
The Nigro family has a long history in Las Vegas. Edward Nigro's father, Edward H. Nigro, became a casino executive after retiring from the Air Force in 1967 as a major general. Following his father's example, Edward Nigro served as an Air Force pilot, winning the Air Medal for combat missions in Vietnam.
In addition to gaming, GBank is also a major participant in the Small Business Administration's 7(a) loan guarantee program. Through the first 11 months of SBA's 2025 fiscal year, which started Oct. 1, 2024, GBank originated 172 loans totaling $454 million, according to agency statistics.
GBank reported net income totaling $9.2 million through the first six months of 2025, up 10% from the same period in 2025.
Though GBank shares fell on news of Sullivan's departure, they rebounded Friday. Shares were trading up nearly 4% midday Friday at $39.81.
