Angel Medina has been promoted to chief executive at Gibraltar Private Bank and Trust in Coral Gables, Fla.

The $1.6 billion-asset bank's president since 2013, Medina will succeed Adolfo Henriques, who has been CEO since 2012, according to the South Florida Business Journal.

Medina will remain president, while Henriques will stay aboard as chairman, a role he has held since 2012, according to Bloomberg. Henriques joined the bank as president and chief operating officer in 2011.

The bank did not immediately respond to a request for comment on Wednesday.

In February, Steven Hayworth, the bank's founder and former CEO, sued it for fraud and breach of contract after he was fired in 2012.

Also that month, the Treasury Department's Financial Crimes Enforcement Network announced a $4 million civil money penalty against the bank, including $2.5 million levied by the Office of the Comptroller of the Currency, for defective anti-money-laundering programs.

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