Two weeks after its deal to sell itself fell through, Camco Financial Corp. in Cambridge, Ohio, said Tuesday that its chairman, president, and chief executive officer, Richard C. Baylor, has resigned, effective immediately.
James Huston, who has been a consultant to the $1 billion-asset Camco since September, is to take on Mr. Baylor's duties until the board finds a new CEO, the company said in a press release.
Camco announced this month that it had mutually agreed with First Place Financial Corp. in Warren, Ohio, to call off because of "deteriorating market conditions" the deal they announced in May.
First Place initially agreed to buy Camco for about $97 million, but with its shares down nearly 60% since the announcement, the deal's value had been more than cut in half.
Camco reported earnings of $1 million in the third quarter, up 26% from a year earlier, but its credit quality weakened. Its provision for loan losses was $590,000 in the quarter, a 195% increase from a year earlier, and nonperforming assets totaled $27.6 million, up 34%.
Camco is the parent of Advantage Bank, which has 28 branches in Ohio, Kentucky, and West Virginia.
In the press release, the company's lead independent director, Susan J. Insley, thanked Mr. Baylor for his 10 years of service to the company and said he would be available to consult with Mr. Huston.
Camco officials did not return calls from American Banker.
Mr. Huston has held a variety of executive posts at banks in Oregon, California, and Ohio, including at the former Bank One Corp.
Camco's stock was down 1.8% late Tuesday, at $2.25 a share.
