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Old Harbor Bank has named Anthony Leo its new chief executive officer, subject to regulatory approvals.
At the time of the announcement, Leo served as CEO of Sarasota's Peninsula Bank, the latest of his roles from a 25-year career in banking. Previous to his role with Peninsula, Leo acted as executive vice president and managing director for Community Banks Inc. in Harrisburg, Pa.
In conjunction with the announcement of Leo's appointment, Old Harbor has stated that it will initiate an effort to raise capital effectively immediately.
William Short, the bank's president, explained the company's motivation in a release: "Unlike so many of our competitors, we are not just raising new capital to meet regulatory requirements, but more so to implement a new strategic plan involving rebranding the bank, expanding products, enhancing service, and augmenting our management team.”
Based in Clearwater, Old Harbor Bank has $243 million in assets as of March 31, 2010.
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