Seacoast Commerce Bank, a four-year-old lender based in Chula Vista, is without a president following the unannounced departure of Doug Shearer, who worked there for two years and was its second president.
Shearer replaced former President Larry Benthien in 2005 after the bank’s organizing founder was pushed out.
Calls to the bank were not returned, but a staffer confirmed that Shearer was no longer employed there.
One of the smallest commercial banks in the county, Seacoast Commerce has been treading water and losing money this year.
For the first six months of the year, Seacoast reported a net loss of $367,310, compared to a net profit of $121,769 for the first half of 2006.
Seacoast said the bank incurred losses as it increased expenses for such things as marketing, realigning its staff, and relocating its headquarters office, and signing a lease on another office in the Eastlake section of Chula Vista.
At the end of the second quarter, total assets were $63.4 million, while total loans were $46.7 million. In its latest report, the bank said the declining loan balance was due to “softening demand in a cautious economic climate as well as to loan payoffs.”
Nonperforming assets stood at $1.6 million at the end of June, or 2.5 percent of total assets, but the bank said it expects to recover full principal.
The bank said in the report earlier this month that its management anticipates incurring losses as it continues to build the business.
, Mike Allen