Summit Bank & Trust in Broomfield, Colo., has hired R. John Rhoades as its president and chief executive.

The $103 million-asset unit of the $4.4 billion Heartland Financial USA was previously headed by Frank Walter, who also serves as executive vice president of commercial sales for Heartland. Rhoades said in a brief interview that Walter was in the position on an interim basis as the company searched for a permanent chief executive.

Rhoades formerly served as community bank president for Wells Fargo Bank in the northern metro area of Denver, which includes Broomfield.

"We are delighted to welcome John and his extensive commercial banking experience to Summit Bank & Trust," said James R. Hill, chairman of the Summit Board of Directors. "John brings deep knowledge of the Front Range to our bank along with a commitment to exceptional client service."

Summit was a de novo expansion for Heartland, opening in 2006. The bank reported a second quarter loss of $100,000, compared to earnings of $116,000 a year earlier.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.