Monte McNew
Springfield First Community Bank co-founder Brian Straughan left his role as president for a new job.
Straughan started last week as community bank president for First United Bank in Sherman, Texas, said Rob Fulp, SFC Bank CEO and board chairman. Bank officials promoted three-year Executive Vice President Monte McNew to succeed Straughan.
“It was just a great opportunity for him,” Fulp said of Straughan, who had
worked as president of the company since its formation in 2008. “We hate to lose Brian, but we’re happy to have Monte be new in that role.”
Asked whether Straughan had an ownership stake in SFC Bank, Fulp referred questions to Straughan. He could not be reached for comment by deadline.
Fulp said the bank had a transition plan in place involving McNew. As president, he reports directly to Fulp and is in charge of identifying potential acquisitions of smaller banks and the expansion of the company’s market reach.
“We’ve got such a strong capital base,” Fulp said. “The momentum is very strong right now. We’re looking at all opportunities.”
SFC Bank, which operates a single branch at 2006 S. Glenstone Ave. and a mortgage office at 1615 E. Primrose St., now has over $500 million in assets with a goal of $1 billion in the next three to five years, Fulp said. Net income in 2016 was roughly $7 million. That’s up from nearly $400 million in assets and $3 million in net income in 2015, according to
Springfield Business Journal archives.
Straughan and two other BancorpSouth executives left the bank in the wake of its acquisition of The Signature Bank to form SFC Bank.
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