July 24, 2008
Towson bank fires top officer
Towson-based AmericasBank Corp. said yesterday that it has dismissed its president and chief executive officer, Mark H. Anders, in the wake of recent losses at the bank stemming from turmoil in the mortgage lending business.
The company, parent of commercial bank AmericasBank, appointed A. Gary Rever as acting chief executive of the bank, which operates the Towson Community Bank in Towson and Annapolis Community Bank in Annapolis. Rever has served as AmericasBank's chief financial officer since August 2003.
Anders could not be reached yesterday.
Chairman's view
Lee Warner, the bank's chairman of the board, said yesterday that the bank remains well-capitalized despite its recent losses, which were in the millions."We were not satisfied with some of the results that had been achieved and felt it was time for a realignment of tasks and management functions," Warner said. For 2007, AmericasBank reported a net loss of $2.3 million, or 86 cents per common share, compared with a net loss of $431,000, or 18 cents per common share for 2006. The company blamed the losses on its dependence on mortgage lending and housing sectors.
At the end of January, the company announced it would take a $2.9 million loan loss provision to cover the partial write down of five loans, including three residential construction loans made to a group of borrowers who may have committed fraud.
Review completed
Warner said yesterday that the bank has completed a review of its portfolio, but that he could not comment on those specific loans.The company also announced that Ellen R. Fish, president of the Towson Community Bank division, has been promoted to director of community banking and will oversee both the Towson and Annapolis centers.
Shares of AmericasBank closed at $1.35 yesterday, up 20 cents.
lorraine.mirabella@baltsun.com
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