The company hired Kevin Thompson, a CFO with big-bank experience, to take over its top financial post. Once a fast-growing bank, Opus has spent recent months cutting costs and exiting certain business lines.
It's tough to be a bank director these days, as the public and elected officials hold the board responsible for misdeeds that occur on their watch. Turnover is up, and filling the seats is more of a challenge than ever.
The traditional community bank model of "being local and providing good service" no longer provides an competitive edge in a world dominated by online banking, according to Douglas Kennedy, CEO of Peapack-Gladstone.