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Charleroi, Pa.-based cfsbank president/CEO retires

Charleroi, Pa.-based cfsbank President and CEO Neil Bassi retired from his executive roles and from the bank's board, effective Dec. 30, 2019, the (Washington, Pa.) Observer-Reporter reported, citing his brother Brad Bassi.

An interim president has been named to replace him, according to the report. The news outlet was not able to reach Neil Bassi for comment.

Brad Bassi told the newspaper that he did not know if the retirement was related to an earlier report from the Office of the Comptroller of the Currency. In March 2019, cfsbank entered into an agreement with the OCC to create a compliance committee and develop a revised strategic plan, among other actions, after the OCC found various "unsafe or unsound practices" related to commercial credit oversight and administration; internal controls; corporate governance; and violations of law, rule or regulation including related to conflicts of interest, regulatory reporting and overdrafts.