Local bank CEO abruptly departs

New Horizon’s branch in Powhatan County. (BizSense file photo)

The Richmond area’s youngest bank is on the hunt for a new chief executive for the second time in less than two years.

New Horizon Bank, a small institution based in Powhatan, confirmed that CEO Tommy Bourque resigned last week.

Thomas Bourque

Former CEO Thomas Bourque

Bourque had held the post since November 2017, when he replaced founding CEO Jimmy Keller.

In the interim, New Horizon has named Chief Credit Officer Brian Grizzard as acting CEO.

Grizzard said Bourque gave his resignation on April 17.

“Tommy resigned,” Grizzard said. “We don’t know where he’s going or what he’s doing.”

A message left for Bourque was not returned.

Bourque arrived in Powhatan by way of Waynesville, North Carolina, where he had been head of lending at the former Oldtown Bank, prior to its acquisition by larger competitor Entegra Bank.

The Louisiana native and graduate of University of Louisiana Lafayette has spent three decades in banking. He told BizSense his two longest stints were at the former Bank One, which was absorbed by J.P. Morgan Chase, and Compass Bank in Birmingham, Alabama.

The New Horizon gig was his first stint as CEO and his first time at length in Virginia.

Interim CEO Brian Grizzard

Grizzard, who has been with the bank for nine years, said he’s honored to step into the top office in the interim and hopes to be considered for the job permanently.

“The board will make its decision as to whether to pursue me as permanent or bring in someone else,” he said.

CFO Kathy Grasty, who served as interim CEO during the gap between Keller and Bourque’s tenures, said the board has just begun to search for a replacement.

“The board is developing a plan as we speak to move forward,” she said.

Grasty and Grizzard said the bank continues business as usual, looking ahead to celebrating its 10th anniversary this year.

Elsewhere in the Powhatan banking market, Blackstone, Virginia-based Citizens Bank and Trust is working to open its first full-service branch in the county at 2501 Anderson Highway.

That building served as New Horizon’s lone branch and headquarters since its inception and up until the bank moved into a new home last year. Keller now works at Citizens Bank and Trust, leading its lending efforts in Powhatan.

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Bert Hapablap
Bert Hapablap

“Tommy resigned,” Grizzard said. “We don’t know where he’s going or what he’s doing.” This comment by the acting CEO is not a confidence building statement from bank leadership. Makes you wonder what is going on behind the scenes with this bank.