First NBC in Louisiana Names New Chairman

First NBC Bank Holding in New Orleans has named its new chairman.

The $4.9 billion-asset company said in a regulatory filing Friday that its president and CEO, Ashton Ryan Jr., had relinquished the chairmanship to Shivan Govindan, its vice chairman since 2013.

Ryan announced Sept. 8 that the board had decided to make several executive changes, including his giving up the chairmanship, after errors in the company's accounting for tax credits forced it to delay filing its 2015 annual report.

Govindan, a director at First NBC since it was established in 2006, is a managing member of the private equity and investment firm Pilgrims & Indians Capital in Austin, Texas. Pilgrims & Indians was involved in a $74 million capital raise in August for The Bancorp in Wilmington, Del., and Govindan was subsequently named a director of the Delaware company. His compensation at First NBC has not changed, according to Friday's filing.

First NBC said Friday that Mary Beth Verdigets, its chief financial officer, had been named treasurer, a newly created role. It had said on Sept. 8 that it would create the role to allow Verdigets to focus more on financial reporting.

Also on Friday, the board said that Albert Richard III, First NBC's chief accounting officer, had been named chief financial officer.