Towne Bancorp Inc.'s stock plunged Thursday after the Mesa, Ariz., after the company announced that both its president and chairman had resigned.
The $192 million-asset parent of Towne Bank of Arizona said late Wednesday that Rick Meicke has resigned as president and that Stephen Brody, a bank director, has been named acting president until a successor is found.
Additionally, Don Fitzpatrick has resigned as chairman of the board, and Ron Creasman has been elected to replace him.
In an interview Thursday, Mr. Creasman said that Mr. Meicke, 60, was retiring, and that Mr. Fitzpatrick chose to step down because he lives in Seattle and the board wanted a chairman who lived closer to the company's headquarters.
In heavy trading, its shares were down 15% late Thursday, to $22.90.
Separately, Mr. Creasman said that Towne's board had conducted a review of its operations, and has decided to refocus its strategy on attracting more core deposits from businesses and making more commercial and industrial loans to offset its reliance on commercial real estate lending.
