Jacksonville Bancorp (JAXB) in Florida announced Monday that its president and chief executive, Price W. Schwenck, has retired and that its board has named veteran banker Stephen C. Green as his successor.
Schwenck, 69, had been chairman of the company since it was founded in 1999 and had been CEO of the holding company since 2010 and CEO of its Jacksonville Bank since June of last year. He has relinquished all day-to-day responsibilities, though he will remain on the boards of the holding company and the bank.
Green, 62, has 37 years of banking experience, including 20 years in Florida. He was most recently an Orlando-based regional executive at City National Bank in Miami.
Green took over as president and CEO of the company on Monday and has also joined the holding company's board. His appointments as CEO and director at the bank are subject to regulatory approval.
The $583 million-asset Jacksonville also announced that Margaret Incandela has been promoted to chief operating officer. Incandela joined the bank in May as an executive vice president and chief credit officer.
Jacksonville reported a profit of more than $1 million in the first quarter, but its credit quality has weakened of late as more real estate loans have soured. At March 31, nearly 9.7% of its assets were not performing, up from 6.5% a year earlier.
The company is still considered to be well capitalized, but it has hired an unnamed investment advisor to help it raise additional capital as well as assist it in reducing its level of classified assets.
