Magazine article American Banker

Liberty Bell in N.J. Names New Chief, Big Investor Joins Board

Magazine article American Banker

Liberty Bell in N.J. Names New Chief, Big Investor Joins Board

Article excerpt

Byline: Paul Davis

Liberty Bell Bank in Marlton, N.J., has appointed a new chief executive as it continues to work through credit issues.

The $149 million-asset bank said in a press release last week that Benjamin Watts, its former chief financial officer, had become its president and CEO. Watts succeeded Kevin Kutcher, who became vice chairman and director of corporate and business development. Dennis Costa, who had been senior vice president of finance, was named chief financial officer.

Liberty Bell also announced that Kenneth Lehman, the bank's biggest investor, has joined the board. Lehman, who made his initial investment in 2013, increased his stake in the company earlier this year when Liberty Bell completed a $5 million capital raise. As part of his 2014 share purchase, Lehman was allowed to identify up to $9 million in problem assets that would become part of an asset-resolution plan.

The bank said it lost nearly $1. …

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