![]() 'I think he already is controlling it,' DeMeo said, identifying three other directors who fly in for board meetings from the East Coast and vote with Reynolds: Josh Cox, Todd Fry and John Wright.ĭeMeo was the only director who voted against accepting Duryea's resignation 10 other directors, including Reynolds, voted for Duryea's departure and replaced him with James Brush, a board member and CPA who became the bank's new CEO and president.ĭeMeo acknowledged 'there were disagreements about the way the bank was running,' he said. DeMeo believes that Reynolds seeks to take over Summit State Bank. Mark DeMeo, a pathologist who practiced for four decades at Santa Rosa Memorial Hospital, resigned his board position after two years of service on April 19, a day after protesting the resignation of former Summit State Bank CEO Duryea, who led the bank for eight years.ĭeMeo objected to control of the bank by East Coast directors, especially Reynolds. I think Jim (Brush, appointed to replace Duryea) will do a great job as president and CEO.' Would I sell my stock because Tom Duryea resigned? Of course not. I could have shown some better leadership as the director. 'This bank, this investment, has appreciated very, very slowly,' Reynolds continued, 'certainly behind the bar curve of most banks. Tom Duryea is a very capable young man,' he said. I know that Tom Duryea worked at that and did the best he could. 'We've got excess capital, with the idea that we were going to acquire something, buy something (another bank). 'Growth certainly is one of the things you measure with,' Reynolds said. Our bank had not grown as fast as some of the other banks in the market that we competed with,' Reynolds said. 'When you look around at other banks in the market - Santa Rosa,' Reynolds said, 'we were a little laggard in growth. Reynolds, the bank's largest shareholder, in a May 2 interview with North Bay Business Journal, pointed to Summit State Bank's anemic growth as impetus for Duryea's departure. The pressure leading up to the sudden April 18 resignation of Summit State Bank CEO Tom Duryea had been building for months in a boardroom battle over the financial institution's direction and rate of growth.Įxasperated with lackluster growth at Summit State Bank, West Virginia businessman and Summit board member Marshall Reynolds, who owns nearly 15 percent of the bank's shares, orchestrated the resignation of Duryea and precipitated the exit of a retired Santa Rosa doctor and Summit director who owns $2.7 million worth of bank stock. ![]() ![]() Sources: 10K, Approxy statement, May 2015 ![]()
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