Sun American Bancorp in Miami said Hugo Castro is stepping down as its president but would remain with the $321 million-asset company as a lending officer.
His last day as the president will be Sept. 5.
Sun American did not give an explanation for Mr. Castro's decision, announced Thursday, and officials did not return a telephone call by press time.
Michael Golden, Sun American's chairman and chief executive, has been named the interim president while the company searches for Mr. Castro's successor.
A longtime Miami-area banker, Mr. Castro, 63, has been the president and a director since April 2000. He also owns a 1.6% stake in the company. His term on the board is scheduled to expire this year, and Sun American did not say if he would run for reelection.
