First National Community Bancorp Inc. in Dunmore, Pa., has turned to a former regulator to help it resolve its ongoing accounting woes.
The $1.1 billion-asset company said last week that it has named Steven R. Tokach, a community banking veteran and a former examiner with the Office of the Comptroller of the Currency, as its president and chief executive.
Tokach, 64, replaces Jerry A. Champi, who was named as interim CEO and president in March 2010 after J. David Lombardi resigned. Joseph J. Earyes, a senior vice president and retail banking officer for First National, said last week that Champi did not receive approval from the OCC to serve permanently in these roles. Champi is still serving as the chief operating officer.
First National said in an August filing with the Securities and Exchange Commission that the SEC had subpoenaed information related to its financial reporting for the year that ended Dec. 31, 2009 and the quarters that ended March 31, 2010 and June 30, 2010. In an October 2010 SEC filing, the company had said that financial statements for these periods "should no longer be relied upon."
Aside from his 14 years with the OCC, Tokach has 25 years of banking experience in the northeastern Pennsylvania market. He most recently served as Tokach was regional president at First Liberty Bank & Trust, the Pennsylvania bank division of the DeWitt, N.Y.-based Community Bank N.A. He was also chief credit administrator for the $6.5 billion-asset Community Bank.
In a news release, First National Chairman Dominick L. DeNaples said that Tokach's "deep knowledge of our market and customers are valuable assets which will serve to further strengthen the seasoned management group we have assembled over the last two years. As an experienced national bank examiner, Steve is well-equipped to lead our ongoing efforts to resolve existing regulatory issues."
Tokach is slated to take over as CEO of the company and its bank subsidiary on Dec. 5. His appointment must still be approved by regulators.
