Today the financial wires are reporting the unexplained resignation of the chief executive of a local bank's parent company.
in current issue of SFR mentions the troubles at Taos-based First Community Bank, which "took a $79 million loss last quarter."
FCB President Pat Dee tells SFR his bank is adequately capitalized, blaming its...problems on the economy. "You can say in hindsight we did more residential construction and land development loans than we should have, but three or four years ago, nobody foresaw the problems we're having today," Dee says.
First State Bankcorp CEO Michael Stanford will resign Dec. 31 for unclear reasons, Global Finanacial Newswires reported Tuesday morning (Dec. 22).
As the parent company for New Mexico's First Community Bank branches, the ramifications of the resignation have yet to be clarified by Taos First Community Bank or from the branch's officials in Albuquerque — all of whom were unavailable for comment Tuesday morning.