Coast Financial Holdings Inc. in Bradenton, Fla., has fired president and chief executive officer Brian Peters and named its chief financial officer as his replacement.
Mr. Peters, Coast's president and CEO since 2004, was let go during a board meeting Monday, said Anne Lee, Coast's chief operating officer.
A Tuesday press release announcing the management shake-up gave no details on the board's decision to remove Mr. Peters, but Ms. Lee said that "it was not performance-based."
Coast lost $312,000 in the quarter that ended March 31 and lost $556,000 in 2005. The $582 million-asset company is expected to report its second-quarter earnings at the end of July.
Brian F. Grimes took over as president and CEO Tuesday. The controller, Justin Locke, was named interim chief financial officer.
Neither Mr. Grimes nor chairman James K. Toomey returned phone calls. James Schutz, an analyst at Sterne, Agee & Leach Inc. in Birmingham, Ala., said that the decision to remove Mr. Peters was rooted in his ongoing conflict with the board.
"The problem was one of personality and management style more than anything else," said Mr. Schutz, who spoke with the company e issue after it was made public Monday. "They just decided that it was time to sever the relationship."
