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November 19, 2009

Bank names interim COO, places three on administrative leave

Submitted by Appalachian Community Bank

Appalachian Bancshare, the holding company for Appalachian Community Bank, Appalachian Community Bank, F.S.B., and Appalachian Real Estate Holdings, announced that Danny Jett will serve as its interim chief operating officer.

Appalachian Community Bank has branches in Chatsworth and Dalton.

Jett, age 59, a financial services industry veteran, will manage the day-to-day operations of the company, its branch banks and its federally chartered thrift. Jett previously served as executive in charge of operations, technology and administration for Georgian Bank, which was recently acquired by First Citizens Bank. Before joining Georgian Bank, he served as president and CEO of EastPoint Technologies, a national banking software and service provider.

Prior to EastPoint, he served as executive vice president of Decatur Federal Bank, a $3.5 billion Atlanta-based financial institution that was acquired by First Union Corporation. For more than 10 years, he served as managing partner for Atlanta-based Integration Solutions Group, a financial institution consulting company focused on technology solutions, vendor selection and vendor management for community banks throughout the country. Jett’s experience also includes a stint at super-regional NCNB (now Bank of America), where he was responsible for various operations in the southeast, as well as operations of an overseas brokerage house. He earned an undergraduate degree at the University of West Georgia and a law degree from the John Marshall Law School in Atlanta.

The bank also announced three bank officers have been placed on administrative leave, pending an internal evaluation by the bank’s board of directors. The evaluations pertain to certain specific policy and compliance issues dealing with foreclosed properties, “which do not materially impact the fundamental safety or soundness of the bank.” The officers on administrative leave include Tracy Newton, CEO and board member; Adam Teague, chief credit officer; and Rusty Beamon, real estate owned officer.

“Appalachian Bancshares has a strong management team of branch managers and executive leaders. Our board remains engaged and will continue to provide guidance and oversight to bank officers,” said J. Ronald Knight, chairman of the board. “We are pleased to add someone of Mr. Jett’s expertise to that group. We intend to proceed through this evaluation in a thorough and deliberate manner, while moving the bank forward with strong leadership.”

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