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If you're going to be president and CEO of Shamrock Bank in Naples, it might be helpful to have a little Irish blood running through your veins.
Indeed, Colleen Kvetko's maiden name is O'Sullivan, and her grandparents emigrated from Ireland through Ellis Island. Her first day as the bank's chief executive was April 2, taking over from Don York.
We'll spare you from expressions of Irish fortunes. But the bank, whose board includes Domino's Pizza founder Tom Monaghan, faced a tough 2010. It suffered a net loss of $3.9 million, according to the latest data from the Federal Deposit Insurance Corp. That loss was mostly due to regulators ordering provisions for loan losses of $3.6 million.
That's a big loss for a relatively small bank with just $82 million in assets. But if Kvetko can salvage a few bad loans, some of those loss provisions might flow back to income. “My first priority is to be profitable,” says Kvetko. “The good news is we have the capital to do it.”
Besides stabilizing existing problem loans, Kvetko plans to more aggressively make new loans. She's counting on the fact that Shamrock is now just one of three locally owned banks in Collier County.
Kvetko certainly has the connections in Collier County, having lived here 19 years and served for nearly two decades as president, CEO and chairwoman of Fifth Third Bank Florida.
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