New Frontier Bancshares in St. Charles, Mo., has hired the leader of another local bank as its new CEO.
The $93 million-asset New Frontier said in a press release last week that Kevin Heneghan had become its chairman, president and CEO. He will also be the company's chief lender. Heneghan succeeded Kris Weidenbenner, who resigned last month.
Heneghan, 37, previously served as CEO at Superior Bank in Hazlewood, Mo. He had been in that post since December 2014.
The move represents a step up for Heneghan, in terms of each bank's asset size. Superior had just $27 million in assets at Sept. 30.
Henaghan's "experience leading a community bank will drive New Frontier to a great future," Myron Sheets, the company's vice chairman, said in the release. "His lending and executive experience will be great assets and we continue to re-invest local dollars in the community."
Superior had lost money for several years before Heneghan took over. While it remains a troubled institution in some respects, Heneghan had managed to return the bank to profitability and improve its risk profile.
Before joining Superior, Heneghan was chief operating officer at the $76 million-asset Jonesburg State Bank in Jonesburg, Mo.
New Frontier, which has two branches, earned $135,000 in the first nine months of 2016. It earned $1.2 million in 2015.
A New Frontier spokesman said that two of the company's directors were familiar with Heneghan, making him an obvious candidate when the search began for a new CEO.
Heneghan lives in St. Charles County, so the new job moves him closer to home. He is also a second-generation banker; his father, Dennis, worked for more than 25 years at Peoples Bank & Trust in Troy, Mo.