Two vice chairmen at Mercantile Bancorp have swapped jobs, the company announced Thursday.
John Q. Arnold, chief financial officer for the past three years, now heads up private banking. John W. McClure, the private banking chief, took over financial officer duties. The changes took effect on July 15, the company said.
Analysts said such switches are unusual, especially when, as Mercantile stated, the company does not plan to change its business strategy.
But chairman Thomas H. Jacobson cited benefits all around. The executives "will remain challenged, and we further strengthen our management team by providing them with new areas of responsibility in the company," he said.
Mr. McClure headed corporate banking and community banking before the shift to private banking.
Mr. Arnold served as chief credit officer at the $35 billion-asset company before becoming chief financial officer.