Platinum Bank in Minnesota Replaces CEO

Platinum Bank in Oakdale, Minn., has replaced its chief executive.

David Rom, who helped found the $156 million-asset bank in 2006, stepped down as CEO on April 1, according to a report published Tuesday in the Minneapolis / St. Paul Business Journal. He was replaced by Tom Jacobson, who was the bank's chief operating officer.

Rom stepped down due to a disagreement with the board over the bank's plans for growth. Rom wanted to continue with rapid expansion into new markets, but the board "wasn't quite on the same page," Jacobson told the Business Journal.

Rom will remain the bank's president for a transitional period of the next several months. Marc Cove, another co-0founder who succeeded Jacobson as chief operating officer, is set to become the bank's president.

Rom and Jacobson did not respond to calls from American Banker seeking comment.

Platinum Bank earned $1.5 million in the fourth quarter, according to the Federal Deposit Insurance Corp. At Dec. 31, it had a Tier 1 leverage ratio of 9.8% and a total risk-based capital ratio of 16%.