TransCommunity Financial Corp. of Richmond, Va., said its chairman and chief executive, William C. Wiley, will leave when his two-year contract expires Dec. 31.
The $174 million-asset, three-bank holding company made the announcement Friday. It said that Mr. Wiley plans to start an investment fund - and that the company, which has never turned a profit, expects to do so by the fourth quarter of 2006.
It lost $6 million in 2002 through 2004 and $1.15 million in the first nine months of this year, including $72,000 in the September quarter. Mr. Wiley, whose base salary is $160,000, has been the CEO since June 2001 and its chairman since January of last year.
TransCommunity's board elected Troy A. Peery, a member since 2002, to succeed Mr. Wiley as chairman. Bruce B. Nolte, TransCommunity's president, was appointed CEO.
TransCommunity was founded in March 2001 and acquired its lead subsidiary, Bank of Powhattan, in August of that year. Under Mr. Wiley's leadership the company founded two Virginia banks, Bank of Goochland and Bank of Louisa. Last month it filed an application to open a fourth, Bank of Rockland, in Lexington, Va.
