After more than a year without a permanent leader, DCB Financial Corp in Lewis Center, Ohio, has named a former Huntington Bancshares Inc. executive, Ronald J. Seiffert, president and chief executive.
Seiffert joins DCB from Ohio Dominican University, where he was interim president and chief financial officer. He was vice chairman of Huntington in Columbus from 1997 to 2002. He has also been appointed to the boards of the holding company and its subsidiary, Delaware County Bank and Trust.
DCB Financial said in a filing with the Securities and Exchange Commission on Friday that interim president and CEO Thomas R. Whitney will remain senior vice president, general counsel and secretary, and head of the bank's wealth management division. The company has been without a permanent CEO for 15 months, according to Columbus Business First.
Delaware County Bank reported a loss of nearly $13 million last year and losses of $1.8 million through the first six months of 2011. The bank is under orders from regulators to maintain a Tier 1 capital-to-assets ratio of 9% and a total risk-based ratio of 13%, levels it had not achieved as of June 30. In July, the $616 million-asset bank announced that it would close a quarter of its branches and cut 18% of its work force in an effort to improve efficiency.
