First Keystone in Berwick, Pa., is looking for a new president and CEO.
The $990 million-asset company said in a press release Wednesday that Matthew Prosseda had resigned, effective immediately. No reason was given for the departure, which took place just two weeks prior to the First Keystone’s May 10 annual meeting.
Prosseda, 56, also resigned from the board at First Keystone, where he had been chief executive officer since 2010.
Elaine Woodland was named interim president and CEO while a search committee looks for a permanent successor. Woodland, First Keystone’s treasurer and chief operating officer, will be assisted by a management committee that includes Robert Bull, the company’s chairman, and directors John Gerlach and David Saracino.
A call seeking additional comment from the company was not immediately returned.
“While change is a necessary part of every growing company, we strongly believe that our senior management team and employees will lead First Keystone … through this transition while continuing to execute our strategic plan and deliver the highest-quality financial services to our customers,” Bull said in the release.
First Keystone has not yet released its first-quarter results. The company’s 2017 earnings fell by 9.5% from a year earlier, to $8.6 million, reflecting both a decline in revenue and higher expenses.