Sterling Bancshares Chief Leaves Mo. Bank for Undisclosed Reason

The founder of Sterling Bancshares in Poplar Bluff, Mo., has resigned a month after he being placed on administrative leave.

Ken Poteet stepped down as chairman and chief executive of the $1.1 billion-asset Sterling and its bank on Monday, according to the St. Louis Business Journal.

Sterling has not disclosed the reasons for the resignation and it is unclear who has succeeded Poteet as the bank's leader. Sterling did not have a representative immediately available to discuss the matter further.

"I wish nothing but continuing success for Sterling Bank," Poteet said in a statement included in the article. "I have been very proud to be a part of its formation and history, nevertheless I am truly excited to see what is ahead with my next professional venture."

Dan Coffman, a Sterling director, told the Business Journal last month that the reason for Poteet's administrative leave was "a personnel matter," and not a "safeness and soundness" issue for the bank.

Poteet helped establish the bank in 2004, according to his LinkedIn profile. Sterling specializes in low- to moderate-income tax credit lending.