Old Harbor Bank said Thursday that Anthony N. Leo would take over as chief executive to handle its restructuring and lead its new growth strategies. The $243 million-asset thrift also announced a new capital raise in conjunction with the executive shuffle as the bank tries to redeem itself from being undercapitalized.
William W. Short, who was previously CEO and president, will remain as president of the Clearwater, Fla., banking company. Regulators must approve Leo's hiring.
Leo is a 25-year banking veteran with significant experience in restructuring and growing troubled banks. He is currently chief executive of Peninsula Bank, of Sarasota, Fla., where he led its restructuring.
Old Harbor said in a press release the capital raise is part of a plan to grow the retail bank including its residential mortgage services, expanding commercial and industrial lending, and to consider bank deals.
Old Harbor Bank was under capitalized with a 6.13% total risk-based capital ratio as of March 31, according to the Federal Deposit Insurance Corp.