Bobby Cox has become the new chairman of Adairsville-based NorthSide Bank. The small community bank is currently struggling due to losses in mortgages, but Cox is up for the challenge:
The small community bank, with $129 million in assets and three branches, has been a victim of the real estate crash, struggling with serious losses and a lack of capital to cover them. It’s been under a regulatory order for more than three years to improve its condition, highlighted by losses of $3.2 million in 2008, $4.7 million in 2009, $1.2 million in 2010 and $501,000 last year.
Cox never thought he’d be dealing with such numbers when he became one of the original investors and board members in 2005. In his new role as chairman, he thinks he can help attract the capital to give the bank more breathing room as it tries to turn around. Cox said the bank is close to raising $2.3 million in capital and expects to post a profit of between $600,000 and $700,000 this year. He talks about what he learned in baseball that can translate to the business world.
I wonder if he’ll yell at the regulators like he did umpires during his tenure as the general manager for the Atlanta Braves. Let’s hope he doesn’t go for the record number of ejections from board meetings. Seriously though, much luck to Bobby Cox. I hope his leadership will turn this small community bank around and allow it to grow.
H/T to Baker over at That’s Just Peachy