Plaza Bank in Seattle has selected a new leader.

The $75 million-asset bank said in a press release Tuesday that Michael Clabby had become its acting president and chief executive, effective last Friday. Clabby succeeded Michael Paul.

Clabby, who had been Plaza's chief credit officer, joined the bank in 2012. The bank said in its release that Clabby "was instrumental" in forming a team to oversee loan quality and portfolio management.

In June the Federal Deposit Insurance Corp. and the state of Washington's Division of Financial Institutions released the bank from a 2010 consent order.

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