Sterling Huff, who was named Metropolitan National Bank president and CEO in March 2010, no longer works for the company. John Paul VanDiggelen, president and CEO of the bank’s holding company, Springfield-based Marshfield Investment Co., said this morning he was appointed by the bank’s board of directors as interim president and CEO for Metropolitan last week, and would serve in that position until a permanent replacement could be named.
VanDiggelen declined to say whether Huff's employment was terminated or he resigned.
“We appreciate the leadership provided by Mr. Huff and wish him success in his future work," VanDiggelen said. "The bank’s associates and our customers should not be affected by this change, and our goal is to continue to provide superior customer service in the communities we serve."
Huff could not be reached for comment by deadline.
VanDiggelen said the search for a permanent replacement for Huff would not be limited to internal candidates, but he declined to say how long he expected the search for a new president and CEO to take.
“It will take as long as it takes. We plan to initiate a thorough search for this position, and really have no timeline, but it is obviously a priority for us right now,” VanDiggelen said.
According to the Federal Deposit Insurance Corp., Metropolitan National Bank lost roughly 10 percent of its total assets between June 30, 2010, and June 30, 2011 – dropping to $498.9 million from $555.1 million. VanDiggelen, however, said the recent decline in assets did not factor into Huff's exit.
In October, Springfield Business Journal reported that Metropolitan National Bank had dropped from the eighth position in the Springfield metropolitan statistical area in deposit market share to ninth, with 3.45 percent of the area’s deposits.
According to SBJ archives, Huff replaced 35-year veteran Dave Tooley in the bank's top post on March 31, 2010. Previously, Huff had been the executive vice president and chief operating officer for Metropolitan National Bank for four years. In September 2010, Tooley opened a loan production office for Poplar Bluff-based Southern Bank (Nasdaq: SMBC) at 4650 S. National Ave. Ste. C-7.
Metropolitan National Bank has 12 banking centers though a six-county region in southwest Missouri, according to its Web site, GladWeMet.com