The president and CEO of Bay Bancorp, which absorbed the assets and deposits of a failed bank earlier this year, resigned Friday.
Kevin B. Cashen, who held the job since 2010 at Bay Bancorp, the parent of Lutherville-based Bay Bank, said Tuesday he had no other job lined up but was "looking for the next challenge."
Cashen said the split was mutual. "We had discussed kind of where the bank's going and I decided to submit my resignation."
Cashen will receive a $295,000 severance, according to a U.S. Securities and Exchange Commission filing.
Joseph J. Thomas, Bay Bancorp's board chair, was appointed president and CEO, the bank announced Tuesday. Thomas wrote to the bank's employees that the change in leadership was "an opportunity... to build on Bay Bank's core strengths."
"The Board of Bay Bancorp is grateful for Kevin Cashen's leadership and accomplishments in growing the bank through organic growth and through acquisitions that included Carrollton Bancorp and Slavie Federal Savings Bank," Thomas said in a statement. "His dedication to Bay Bank and to his Bay Bank colleagues is a legacy on which we will build the bank's future successes."
Bay Bancorp Inc. lost nearly $1 million in the third quarter as it absorbed the assets and deposits of Slavie Federal Savings Bank after that bank's failure. Bay acquired assets of $117.1 million, including $82.9 million in loans, while assuming $110.8 million of deposits after Slavie was closed by federal regulators in May.
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