First National Bank of Santa Fe CEO Resigns

Kenneth S. McCormick

FNBSF News:

The Board of Directors announced Monday that Kenneth S. McCormick has resigned as chairman, chief executive officer and member of the Board of Directors of First National Bank of Santa Fe, effective immediately.

Douglas Brown of Albuquerque, a member of the Board of Directors, will serve as interim CEO while the Board conducts a search for a new CEO. William P. Sanders will serve as chairman.

No reason has been given for McCormick’s resignation.

“We are thankful for Ken’s leadership over the past three years as we have grown, and will continue those efforts with the excellent management team Ken assembled,” Brown said. “We wish Ken the best in the next phase of his career.”

Brown added, “With our excellent management team, we have the leadership in place who are capable of bringing our Bank to the next level and will continue to provide trusted, expert financial solutions to our communities. I am excited to begin the next chapter of our transition, and the bank is well positioned to continue its course of success.”

Both Sanders and Brown are current members of the Board of Directors of the First National Bank of Santa Fe. Brown has more than 30 years of experience in the banking industry. From 1999 to 2005, he was president and CEO of Tuition Plan Consortium, and from 1990 to 1999, he was president and CEO of Talbot Financial Services. He has served as the Treasurer for the State of New Mexico, and as the Dean of the University of New Mexico Anderson School of Management. The Board of Directors is leading the nationwide search for McCormick’s replacement and has engaged the search firm Spencer Stuart to assist.

About the First National Family of Banks

First National Bank of Santa Fe is comprised of First National Denver, First National Santa Fe, and First National Rio Grande. While we operate under different brand names in different communities, we are one FDIC insured bank. As the first bank in the Southwest, our charter represents a rich heritage of community commitment and financial strength and stability dating back to 1870. First National operates through 25 branch locations in Colorado and New Mexico, a corridor of economic growth that is critical to the success and future of the Southwest.

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