Posted 12/3/2012 12:00 am
The shake-up at Little Rock’s One Bank & Trust continues.
Tom Whitehead, chief financial officer, executive vice president and director, is on paid administrative leave.
We understand the unexpected vacation came in conjunction with federal regulators digging deeper into the bank’s financials. Whitehead has worked at One Bank for more than a decade and has held the CFO post for about five years.
Whitehead joined the bank’s board of directors last year as a replacement for Mike Heald, executive vice president and chief operating officer.
You might recall that increased scrutiny of One Bank’s loan operations led to Heald’s departure.
The third-quarter call report disclosed that $10.6 million was carved from the bank’s equity capital. That line item was listed under the heading of “cumulative effect of changes in accounting principles and corrections of material accounting errors.”
Jerry Pavlas, the former CEO of Southwest Securities of Dallas, was named president, CEO and director at One Bank in October. He replaced Layton “Scooter” Stuart, who owns 99.9 percent of the bank.
Stuart, you will remember, was removed from his executive positions that included chairman of the board on Sept. 28 at the behest of the Office of the Comptroller of the Currency.
One Bank has operated un-der a supervisory agreement with the OCC since January 2011.