WEST PALM BEACH, Fla.--(BUSINESS WIRE)--FirstCity Bank of Commerce (“FirstCity”) today announced changes to its executive leadership team and Board of Directors. The changes include the addition of the executive team from the former Atlantic Coast Financial Corporation (NASDAQ: ACFC), including John K. Stephens, who will join FirstCity as CEO, Tracy L. Keegan, who joins as President and CFO, and Phillip Buddenbohm, who joins as Chief Lending Officer. Both Stephens and Keegan will be joining the Board of Directors. All three additions will serve in interim roles pending regulatory approval.
Chairman of the current Board David S. Worley commented, “We have restructured our executive leadership team and Board of Directors as we prepare for the next phase of growth at FirstCity. We are excited about adding an experienced executive team such as John, Tracy and Phillip, who have a proven track record in creating a high-growth, high-performing franchise in great markets.”
John K. Stephens was most recently President and CEO of Atlantic Coast Financial Corporation and Atlantic Coast Bank (“Atlantic Coast”). After joining Atlantic Coast in September 2013, Stephens helped recapitalize the bank through a successful $48 million capital raise, restructured the balance sheet, and created growth and earnings momentum that ultimately allowed the bank to be sold at almost three times the stock price of the initial capital raise. Prior to Atlantic Coast, John was President and CEO of Tower Bridge Capital, Inc., a privately held mezzanine finance and advisory firm. Previously, Stephens served as the commercial banking executive for the Fifth Third Bank’s central and north Florida markets. With more than 20 years of experience, he began his career at Wachovia Bank, rising to Senior Vice President and Director of Corporate Banking. Stephens holds an MBA from the University of Notre Dame and completed his undergraduate studies at Wake Forest University and the University of South Carolina.
Tracy L. Keegan was Executive Vice President, Chief Financial Officer and Corporate Secretary for Atlantic Coast, having joined the Bank in March 2015. In her role, Tracy was responsible for Accounting, Finance, Treasury, Investor Relations and various operational units within the Bank, including Information Technology. With close to 30 years of experience, Keegan has held significant senior executive officer roles in her career and has extensive experience in starting, recapping and growing financial organizations from the de novo stage to over $6 billion in assets. Having served as Chief Financial Officer, Chief Operating Officer and Chief Administrative Officer, she has run all aspects of banking, including Finance, Accounting, Treasury, planning and analysis, Information Technology, Human Resources, Operations, Retail, Marketing, and Credit Administration. Keegan also has deep experience with public company franchises, including IPOs, as well as turning around troubled/failing financial institutions. Among her many community service relationships, Keegan has served on the Board of Directors for Broward Partnership of SE Florida and PACE. In addition, in 2014 Governor Rick Scott appointed Keegan to the Florida Board of Accountancy, where she currently serves as Vice Chairman. Keegan attended the University of Alabama in Huntsville and holds a Bachelor of Science degree in Accounting.
Phillip S. Buddenbohm was the Executive Vice President, Chief Credit Officer for Atlantic Coast, having joined the Bank in 2005. He was responsible for all credit functions including retail (Personal Banking), mortgage and commercial credit, loan servicing, collections and compliance. Buddenbohm has more than 20 years of experience in various management capacities including commercial and private banking, residential mortgage and correspondent lending, and retail and small business lending. Prior to Atlantic Coast, he was with National Commerce Financial Corporation for 13 years until its merger with SunTrust Bank. Phillip has an undergraduate degree in Finance from the University of Memphis.
About FirstCity Bank of Commerce
FirstCity Bank of Commerce provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals in the SE Florida market.