Capital Bancorp interim CFO resigns
The interim chief financial officer of Capital Bancorp Ltd. has left the company.
The bank holding company, which owns two small community banks in Southern Nevada, said in a two-sentence regulatory filing that Nicolas G. Hahn had "resigned as an employee."
Capital Bancorp did not say who will take over for Hahn, who joined the company in September 2011. The Lancing, Mich -based company operates 13 banks in 10 states and at the end of the third-quarter had $1.75 billion in assets.
Hahn's departure comes at a crucial time for the company. Capital Bancorp is working its way through a Chapter 11 restructuring that would have its existing shareholders take a 53 percent equity stake and allow for the infusion of new equity. But the company has struggled to find an investor for the remaining 47 percent stake in the company.
The 47 percent stake has been valued at $70 million to $115 million.
Earlier this month, Capital Bancorp in a regulatory filing said that ValStone Partners, a private equity firm in Michigan, had canceled a planned $50 million investment.
The company operates Bank of Las Vegas and 1st Commerce Bank in North Las Vegas. Bank of Las Vegas operates four branches. 1st Commerce has one branch.
Both banks have been placed under supervisory orders from the Federal Deposit Insurance Corp.
The New Mexico Regulation and Licensing Department recently ordered the publicly traded company to recapitalize its Sunrise Bank of Albuquerque or face seizure. The state's bank regulator set a Dec. 20 deadline, but it is unclear if Capital Bancorp was able to meet the deadline.
At the time of Hahn's hiring Capital Bancorp CEO Joseph Reid noted his "financial leadership, industry expertise and prove ability to assist organizations in transition." Prior to Capital Bancorp, Hahn was interim chief financial officer at New Day Financial LLC, a national government guaranteed lender.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.
