Coast Financial Holdings Inc. in Bradenton, Fla., announced Monday that it has hired veteran banker Tramm Hudson to advise its board of directors on problem loan resolution and bank regulation.
The announcement was made three days after James K. Toomey, the chairman of the $676 million-asset one-bank holding company, was hospitalized with chest pain. Mr. Toomey, 41, is on leave of absence until further notice, the company said.
Coast's stock price has lost nearly 50% of its value since Jan. 19, when the company revealed that hundreds of borrowers might have trouble repaying new-home loans.
The company also named Michael T. Ruffino as interim chairman and M. Alex White as interim vice chairman and announced that Brian Grimes will remain president of Coast Bank of Florida.
