Solera National Bancorp in Lakewood, Colo., is set for another change at the top.
The $140 million-asset company said in a press release Thursday that Martin May would also become its president. May, who recently served as president of First Western Trust's Denver-area office, succeeds Robert Fenton, who will remain on the company's board.
May is "a seasoned financial executive who we believe will take Solera to the next level of success and profitability," Michael Quagliano, Solera's chairman, said in the release. "He brings a great deal of experience and enthusiasm to the company, which we believe is well positioned to grow following our renewed focus on commercial banking, improved asset quality, and strengthened credit and compliance processes."
Solera, which opened for business, has experienced significant turmoil in recent years. May will become the company's sixth CEO since 2008.
Quagliano, who owns nearly a quarter of Solera's stock, led a shareholder revolt last year. Felton, a former Solera chief financial officer who backed the uprising, was named CEO shortly after Quagliano was added to the board.