Posted 10/15/2012 09:00 am
Updated 1 year ago
A change of operational leadership is in motion at Little Rock's One Bank & Trust.
Layton "Scooter" Stuart is no longer CEO, president or a member of the board of directors.
That change was effective as of Sept. 28, we're told. Stuart declined comment on his exodus or the circumstances surrounding it.
As we understand it, Stuart maintains his ownership in the $474.8 million-asset bank, where he is not just the leading stockholder but controls nearly all the shares.
One Bank issued this statement in response to our queries:
"Further information will be made available in the coming days, but we wanted our customers and employees to rest assured that our board of directors is closely managing the day-to-day operations of the bank.
"Additionally, a new president and CEO will be announced soon. OneBanc will continue to deliver our customers the service they expect and deserve."
The bank reported a profit of $1 million through the first six months of 2012 and recorded a $986,000 profit for 2011. The lender operates 10 offices with a staff of 94.
The Office of the Comptroller of the Currency in May renewed an existing agreement with One Bank & Trust, which has been dealing with excessive classified loan levels since last year.
The May 21 order follows an agreement between the bank and the OCC issued in January 2011.
The latest agreement directs One Bank, which does business as OneBanc, to revise its strategic plan, improve capital levels, fix management deficiencies and achieve certain capital ratios.
Holding company OneFinancial Corp. received $17.3 million in June 2009 after selling subordinated debentures to the U.S. Treasury under the federal TARP program.