Las Cruces – The parent corporation of First Community Bank is losing its CEO, but gaining a Chairman of the Board from Las Cruces.
First State Bancorporation has announced that President and Chief Executive Officer Michael R. Stanford is resigning effective December 31. Stanford will continue to be available to the company in an advisory capacity throughout 2010.
H. Patrick Dee was appointed to succeed Stanford as President and Chief Executive Officer. Dee currently serves as Chief Operating Officer of the company and its subsidiary, First Community Bank.
The company also announced the scheduled rotation in the position of Chairman of the Board. First State's Board of Directors recently revised the company's bylaws to provide for the rotation of its chairman every three years. Former Governor Garrey E. Carruthers, Ph.D., a board member since June 2008, and Dean of New Mexico State University's College of Business, was elected as the new chairman effective January 29, 2010.
Both appointments are subject to regulatory approval of the Federal Reserve Bank of Kansas City.