Magazine article American Banker

Out: Struggling Indiana Thrift's CEO

Magazine article American Banker

Out: Struggling Indiana Thrift's CEO

Article excerpt

Three years after co-founding an Indiana thrift company, Robert C. Reed is out of a job.

Chairman Steven R. Abel said the board of $166 million-asset Blue River Bancshares in Shelbyville decided Mr. Reed should no longer be vice chairman, president, and chief executive officer of the company and its Shelby County Bank.

Blue River has not been profitable, Mr. Abel said. It reported a first-quarter loss of $138,000, versus net income of $105,000 in the same period last year.

"The person who has been leading the ship hasn't taken the ship where we wanted to go," Mr. Abel said.

He refused to elaborate. Attempts to reach Mr. Reed for comment were not successful.

Shares of Blue River surged on the news, from $3.875 last Friday to $5 at midday Thursday.

Shelby County Bank has five branches in the Indianapolis area. Its efficiency ratio was 96% in the first quarter, up from 77% a year earlier, according to the Federal Deposit Insurance Corp. …

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