Donald Sorenson was named interim president and CEO ofWaupaca, Wis.-based FirstNational Bank, The MilwaukeeJournal Sentinel reported July 15.
According to the bank's website, Sorensonjoined the bank in 1972. He joined the board in 1982 and was promoted toexecutive vice president.
Archie Overby, who served as president, CEO and a directorof the bank since 1979 through May 2016, is facing federal regulatory scrutinyover alleged misconduct. The OCC wants Overby to reimburse the bank $1.6million, pay a fine of $175,000, and be banned from the industry, according tothe report.
Prior to the OCC's June 30 notice, the bank had parted ways withOverby, according to Stephen Johnson, the bank's director of compliance, thepublication reported. Johnson added that the bank is currently looking for apermanent president and CEO.
The bank is a subsidiary of