Hampton Roads Bankshares Inc. in Norfolk, Va., announced Thursday that its president and chief executive officer, John A.B. "Andy" Davies has resigned to return to his management consulting practice.
Davies, a longtime Virginia banker, was hired in mid-2009, at a time when the company was dealing with significant capital and credit-quality problems it inherited when it acquired Gateway Financial Holdings Inc. earlier that year. At the time, Davies was CEO of the Marathon Organization Ltd., a bank consulting firm he had founded in 2004 after a 30-year banking career.
Under Davies, the $2.6 billion-asset Hampton Roads raised $275 million of capital last year, primarily from private-equity groups, and more recently has sold off its mortgage and insurance arms and announced plans to sell and close branches in order to trim overhead and to focus on banking in its core markets.
In a news release Thursday, Hampton Roads Chairman Henry Custis credited Davies with recapitalizing the company and setting it on a path to return to profitability. "While there is still work to be done, things are clearly moving in the right direction," Custis said.
"My personal mission has been accomplished," Davies said in a statement, "and this is an appropriate time for me to return to my consulting practice."
Douglas J. Glenn, Hampton Roads' general counsel and chief operating officer, has been named interim president and CEO, pending approval from the bank's regulators.
