Des Plaines, Ill.-based CoVest Bancshares fired president Larry G. Gillie last week after deciding it needs a new leader to improve performance rapidly.

CoVest named executive vice president R. Kennedy Alger to be interim president. Mr. Gillie could not be reached for comment. CoVest's chief financial officer, Paul A. Larsen, said the board was disappointed that income had not improved dramatically since its subsidiary, CoVest Banc, of which Mr. Gillie also was president, converted from a thrift to a national bank last year.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.