Sterling Bancshares Inc. in Houston has promoted Bob S. Smith to chief credit officer at the company's subsidiary bank.
The $4.9 billion-asset Sterling also announced Sonny Lyles, the chief risk officer and a director, resigned from his positions at the bank on Dec. 31.
The resignation followed the company's restatement of its third-quarter results after loan quality problems surfaced.
Sterling increased its third-quarter loan provision by $28.6 million, bringing the total provision to $56.1 million.
That increased the loss for the quarter from $6.1 million to $24.1 million.
Smith, with more than 29 years of financial services experience, has been with Sterling for 10 years, serving in various roles.
"Bob is an extremely talented and seasoned financial executive with experience in managing credit throughout various cycles," said J. Downey Bridgwater, the chairman, president and chief executive.
"Credit administration is a key function in any financial institution, and Bob adds a considerable amount of experience in this area. We are excited about Bob's new role in the organization as we continue to strengthen Sterling's leadership team."
