Well-known local banking executive Mike Alley has been named interim chairman and CEO of Evansville-based Integra Bank, the company announced today.
Alley, who retired from banking in 2002 after 13 years as president and CEO of Fifth Third Indiana, will lead the troubled Evansville bank until a permanent replacement is found. A search firm has been hired, and a successor should be named in three to four months, the company said.
Since leaving Fifth Third, Alley has kept busy in consulting and investment circles. He co-founded Patriot Investments LLC in 2003 and is the owner of Electronic Evolutions Inc., a custom designer and installer of consumer electronics.
At Integra, Alley takes over for Michael Vea, who will remain chairman of the bank’s holding company, Integra Bank Corp.
Alley, who is a native of southwestern Indiana, said he is familiar with Integra. Itching to return to banking, he joined its board in April, but said he has no desire to be the bank’s permanent CEO. He plans to stay in Evansville during his tenure.
Bank directors concluded that new leadership would be key to restoring Integra to profitability. Its financial struggles largely are the result of the commercial and residential real estate collapse, Alley said.
“The board decided to bring some leadership with new ideas and increased energy to deal with some priorities in trying to return the bank to profitability,” he said.
The publicly traded bank hasn’t reported a profit in a year and most recently lost $28 million, or $1.37 per share, in the first quarter ending March 31.
Integra has $3.6 billion in total assets and operates 75 branches in southwestern Indiana, and in Kentucky, Illinois and Ohio.
Shares of Integra were trading at $2.26 each late this morning, down from a 52-week high of $15.18.