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JOSH C. COX, JR. |
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Return to Previous Page |
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Return to Principal's Message |
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CONTACT INFORMATION
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1711 SE Canora Road
Port Saint Lucie, Florida 34952-5809
(717) 830-5381 Fax:
(772) 673-0939
Email:
joshcox@thebankdoctor.com
URL: www.thebankdoctor.com
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GENERAL SUMMARY |
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SUCCESSFUL BANK EXECUTIVE and CONSULTANT with
established TRACK RECORD demonstrating an ability to ACCOMPLISH OBJECTIVES. 54+ years experience in all areas of bank
operations with primary emphasis on short and long-range
PROFITABILITY; MANAGEMENT
SCIENCE and related
management team MOTIVATION and development; ASSET and
LIABILITY MANAGEMENT; LOAN ADMINISTRATION;
PLANNING AND BUSINESS DEVELOPMENT.
PROBLEM BANK TURN-AROUND and
CAPITAL ACQUISITION are major success areas.
(click
on underlined area for specific resume references)
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EXPERIENCE |
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Summit State Bank, Santa Rosa, California |
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Member of the Board of Directors: June 2011 to
Present |
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Vice Chairman of the Board: April, 2020 to Present |
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Responsible, along with 10 colleagues, for over-all Bank policy formation and
oversight of policy execution by the organization's Executive
Officers. Tenure includes service on the Executive, Loan, M&A, Audit,
Nomination, IT (Chairman) and ALCO Committees. |
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Regulatory Consultant: June 2016 to May 2018 |
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Senior Vice President & Director of Marketing:
April 2006 to May 2007 |
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Responsible
for over-all Marketing
effectiveness of the Bank. Primary responsibilities include identifying
short-term and long-range issues that must be addressed; providing
information, research, commentary and budgetary information pertinent to
decision deliberations; recommending options and courses of action;
implementing directives; measuring results. Concurrently, served as an
ad hoc advisor to the Chairman and CEO. |
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PROBLEM BANK SPECIALIST AND CONSULTANT:
March 1976 to Present |
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November 2013 to
November 2014: Bank of Mingo, Williamson, West Virginia |
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Management Consultant |
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Retained by
the Board of Directors to:
- Advise Management Team on Operations and Loan Administration.
- Provide interface with regulatory authorities.
- Assist in the development of an effective BSA/AML Program.
- Develop, author and communicate required regulatory reports.
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July 2009 to
November 2009: Florida Community Banks, inc.,
Immokalee, Florida |
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Management Consultant |
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Retained
consultant to executive management for various short term projects; among
them:
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Prepare a Capital Plan satisfactory to regulatory authorities.
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Design a Succession Plan and initiate steps to fill the gaps;
specifically, a CEO and Senior Loan Officer.
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Initiate steps to mitigate liability to directors.
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BAXTER FENTRISS & COMPANY, Richmond, Virginia |
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Acquisition Due-Diligence for potential syndicated investors in a
medium-size financial institution in Texas (February-March, 2004) |
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On-site review of loan
portfolio, management and operating procedures. |
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GENERAL SUMMARY |
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ADAMS NATIONAL BANK, Washington, DC |
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Due-Diligence for purchase of CONSOLIDATED BANK & TRUST COMPANY, Richmond,
Virginia (December, 2004) |
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Organized and
conducted the on-site review of this troubled bank which was subsequently
acquired by Adams' holding company. The examination included a detailed
review of the bank's over-all financial condition and loan portfolio as well
as an evaluation of key executive officers. |
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GENERAL SUMMARY |
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CHAMPION INDUSTRIES, Baton Rouge, Louisiana
(1-04 to 9-04) |
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Sales/Marketing
Consultant for Bourque Printing Company |
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Responsible for designing and introducing the
Company's Profit Enhancement Program (PEP) to all financial institutions in the state of Louisiana. PEP is an
exclusive program for small and medium sized banks, thrift institutions and
credit unions designed to lower costs attendant to these firms' requirements for
operational and promotional printed materials. The key elements of this
program are:
- An incentive payment, in advance, of 10% of all printing costs for the
first year of participation and 5% for the second year.
- All printing costs are "frozen" for 3 years.
- The cost basis is determined by the participant based on their actual
invoiced printing expenses.
Total cost reduction for the
three year period is calculated to be in the 22% - 28% range.
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GENERAL SUMMARY |
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CITRUS FINANCIAL SERVICES, INC., Vero Beach, Florida |
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Professional Director and Consultant (10-93 to 6-00) |
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President & CEO of Holding Company and Citrus Bank, NA (6-94 to
6-00) |
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Engaged by this unprofitable five
year old institution to unify the Board, develop a profitability "game plan",
evaluate management and provide resources to execute the plan. When management
proved to be inadequate, was asked to directly lead the organization and
determine its most profitable destiny and recruit long term leadership, if
necessary. Accomplishments were:
Immediately motivated incumbent officers and staff; improved morale;
increased
profitability.
Designed and executed remedial and profitability plans which allowed1995
loan volume to safely increase 62%.
Negotiated a cash sale that would have been valued at 1.95 times book value.
Negotiated a merger at par that would have extended current shareholder
control to $85 Million in additional assets.
Planned 2 de novo banks and
organized $12 Million IPO to finance same.
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GENERAL SUMMARY |
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FIRST STATE BANK OF SARASOTA, Sarasota, Florida (7-93 to 1-94) |
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Consultant |
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President, CEO and
Director |
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Recruited by a prospective purchaser of this bank which was on the verge of
failure. Activities were:
Identified and organized an investment syndicate which adequately re-capitalized
the Bank.
Authored a complete change in operating and loan procedures.
Completed and submitted all Change of Control documentation to appropriate
regulators.
Obtained approval of the Change of Control.
Negotiated the termination of all old directors and formed a new Board.
Recruited the Bank's new President who led the company to peer level profitability.
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BAY BANK & TRUST COMPANY, Panama City, Florida (11-92 to 3-93) |
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Consultant, President, CEO and Director |
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Invited to join this very troubled bank at the invitation of its 95% owner,
John Christo, Jr. and the recommendation of their regulatory advisor, Pete Burr
who was former Regional Director of the FDIC in Atlanta, Georgia. Quickly
determined that some members of the Christo family (5 working for the Bank in
various capacities) were involved in illegal, unsafe and unsound banking activities.
Substantially upgraded lending and operational activities, however, upon disclosure
and documentation of the Bank's true problems the Christos became dissatisfied
and was forcibly removed from the Bank. Subsequently, the FDIC and the Florida
Department of Banking have removed two of the Christos and forever banned them from
the banking business. |
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FIRST EXCHANGE CORPORATION, Cape Girardeau, Missouri (1-92 to 5-92) |
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Regulatory Consultant |
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President, CEO and Director of Holding Company |
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President, CEO and Director of Lead Bank
(Jackson Exchange Bank) |
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Director of Other (4) Holding Company Banks |
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Recruited by this financially troubled $500 Million holding company to determine
if regulatory pressure from the Federal Reserve Bank of St. Louis, the Missouri
Department of Financial Institutions and the FDIC was warranted and, if so,
lead the directors and the organization in the proper pro-active direction.
After determining that the company was, indeed, destined to fail, arranged
for the directors of all institutions to place First Exchange in the hands
of the Missouri Banking Commissioner. This action eliminated the necessity
of the Commissioner to "force close" all of the banks and allowed the largest
bank failure in Missouri history to proceed in an orderly and relatively inexpensive
manner. This action, combined with an aggressive loan recovery effort that
returned $4.5 Million to the company before closure, was viewed as evidence
of good faith by the regulators and mitigated the liability that ultimately
accrued to the directors. |
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FIRST FEDERAL BANK & TRUST COMPANY, Pontiac Michigan (5-91 to 10-91) |
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Consultant |
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President, CEO and Director |
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This $1.2 Billion thrift institution was engaged in a legal battle with the
OTS over removal of regulatory good will, which litigation was "landmark"
in nature and had progressed to a petition for hearing by the U.S. Supreme
Court. That petition temporarily prevented a regulatory takeover and engagement
called for the evaluation of the loan portfolio and the introduction of prompt
remedial action in an effort to demonstrate the Bank's relative soundness
prior to a Supreme Court hearing. The Court denied the Bank's petition thereby
removing the temporary "stay" and the OTS moved immediately to close the institution.
Sizable loan recoveries were effected during this short period and considerable
operating improvements were made. It has subsequently been determined that
the OTS's predisposition to close the Bank was premature and failure could
have been avoided with the continuance of sound management. |
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FIRST GUARANTY BANK, Hammond, Louisiana (9-86 to 6-94) |
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President, CEO and Director (9-86 to 4-91) |
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Vice Chairman and
Principal Shareholder (4-91 to 6-94) |
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Recruited by this bank after it suffered $12.5 million in losses over two
years and was considered "terminal" by the FDIC and the Louisiana Office of
Financial Institutions. Some notable accomplishments are:
Returned the bank to operating profitability and it became the top performing
"problem" bank (less than 4% capital) in the so-called Southern problem belt
of Texas, Oklahoma, Louisiana, Mississippi, Arkansas, Alabama, and Tennessee.
Increased net interest margin 45%.
Increased annual net interest income 18%.
Reduced annual controllable expenses 22%.
Reduced non-performing assets 43% while maintaining a loan loss reserve
considered satisfactory in last two regulatory exams.
Generated ORE sales of $10.1 million from 1-87 through 3-91.
Substantially improved morale by providing leadership-oriented management,
improving benefits and initiating an effective merit review/salary increase
program.
Orchestrated improvement in the bank's reputation both locally and statewide.
Restructured the Board of Directors (including adding new members) into
an effective decision- making unit.
Was awarded a 12% ownership position by fellow shareholders in recognition
of completed turn-around objectives.
Considered by the Louisiana Commissioner of Financial Institutions (Fred
Dent) to be "the best banker in the state."
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GENERAL SUMMARY |
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Charleston National Bank, Charleston, West Virginia
(1-84 to 1-86) |
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President, CEO and Director |
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EVP, Chief Operating Officer and Director of Centurion Bancshares,
Inc. |
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Full responsibility for the largest commercial oriented bank in West Virginia.
Operating responsibility for the second largest holding company. Although
not a "classic" problem bank, was recruited to turn around a lethargic
management
team and its profitability performance that had not exceeded .71% ROA in 10
years. Administration achievements were:
71% increase in net income during 1984 and 1985.
Record earnings achieved every quarter during administration with ROA
increase
from .67% in 1983 to 1.15% by 4th quarter 1985.
Promoted (from within) and recruited an outstanding senior and middle
management
team.
Developed a high level of morale and motivation at all staff levels.
Installed the "participative management" concept supported by three new
programs:
(1) Business and profit planning
(2) Responsibility accounting
(3) Management and Accountability by Objectives
Initiated long range planning that allowed the holding company to achieve
1.25% ROA in 1986 and beyond.
Introduced and administered an effective asset/liability management program.
Recognized critical deficiencies in two other bank subsidiaries and initiated
staffing and procedural changes that avoided substantial losses.
Reorganized the bank in a simple but creative format that emphasized upward
mobility and internal executive development.
Designed the merger strategy that led to the formation of the largest and
most profitable holding company in the state (Key Centurion Bancshares).
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GENERAL SUMMARY |
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Oklahoma National Bank,
Oklahoma City, OK (10-82to 1-84) |
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Chairman, CEO and
Director |
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Directed all aspects of the
turn-around of what was, at that time, the worst (statistical) bank failure
in the history of the Comptroller of the Currency; negotiated and
administered the first FDIC "open-end" assistance agreement used later in
1st Tennessee's acquisition of Jake Butcher's bank assets. Prior to purchase
by First Interstate, bank was earning 1+% ROA with a sound asset, capital
and management structure.
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FIRST OKLAHOMA TRUST COMPANY, Oklahoma
City, Oklahoma(4-81
to 1-84) |
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President, CEO and
Director |
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Took over this $58 million savings and thrift institution with a 3.5% negative
spread and 8 months to liquidation at current operations. Designed and marketed
to 26 other institutions the first "sweep account" to be offered by commercial
banks in the U.S. The resulting $212 million increase in deposits (in 9 months)
allowed the company not only to survive, but also to experience a satisfactory
profit level. |
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GENERAL SUMMARY |
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FIRST OKLAHOMA BANCORPORATION, Oklahoma City, Oklahoma (4-81 to 1-84) |
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Senior Vice President |
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Concurrent with tenure at Oklahoma
National Bank and First Oklahoma Trust Company, served as senior
administrative officer for the
largest bank holding company in Oklahoma ($3.2 billion). Supervised all administrative
functions including bank and thrift subsidiaries, legal division, human resources,
real estate, purchasing and printing. Also designed the "multi-bank" administrative
strategy and procedures for the holding company. Additionally, served as a
consultant on "crisis/problem management" for other financial institutions
and regulatory authorities. |
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TRUST COMPANY OF COLUMBUS, Columbus, Georgia (4-78 to 4-81) |
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President, CEO and
Director |
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Assumed full responsibility for this "problem" bank on the heels of a "loss"
year and a Cease and Desist Order issued by the FDIC and the Georgia Department
of Banking. Accomplished a complete "turn-around" which effected the bank's
removal from the regulatory "problem list" and produced the first satisfactory
profitability level in the bank's history in less than 2 years. Net profits
for 1978 and 1979 exceeded those generated during the prior 9-year existence
of the bank (combined) and 1980 profits increased 26%, returning 1.10%on
average assets. Market share growth and penetration was highest among local
banks during administration and the Cease and Desist Order was removed 9 months
ahead of the regulatory schedule. A successful loan loss recovery program
was effected, including an extensive fraud investigation that resulted in
a Fidelity Bond claim which produced a substantial recovery for the bank. |
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GENERAL SUMMARY |
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Commercial and Industrial Bank,
Memphis, Tennessee (7-76 to 4-78) |
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Executive Vice President and Director |
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Chief Operating Officer responsible for all operating and staff divisions
of this bank which sustained sizable capital depletion through loan losses
and management inefficiency during 1974 and 1975. Substantial progress made
during administration including recruitment and motivation of an excellent
senior and middle management team; significantly improved morale; returned
the bank to operating profitability; substantially reduced "classified" loans
(46% from June '76 to November '77); introduced asset/liability management
to the bank; led a business development effort that produced total asset,
loan and deposit growth of 18%, 23%, and 19% respectively in 1977. |
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Union Planters National Bank,
Memphis, Tennessee (3-76 to 7-76) |
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Vice President and Branch Administrator |
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Division level position on the
Bank's "turn-around team." Supervised all operations, business development
and loan functions of 33 branch offices. Restructured management organization
to improve management techniques and communications and introduced effective
profit planning which allowed division to substantially increase its contribution
to the bottom line. Developed the branch marketing approach for bank's entry
into "point-of-sale" use of its proprietary card. |
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February 1962
to March 1976: EXPERIENCE PRIOR TO
SPECIALIZATION |
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IRWIN UNION BANK AND TRUST, Columbus,
Indiana (1-72 to 3-76) |
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Senior Vice President and Retail Division Administrator |
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Senior management position with full responsibility for direct installment
lending; indirect installment lending; residential mortgage lending; Charge
Card department; branch offices (7, including the Main Office); Travel
Department;
Insurance Department; Marketing, Advertising and Public Relations (for the
entire bank).
Increased division profitability by introducing new loan accounting methods
and controlling costs during loan volume growth periods. Led bank's entry
into Automated Teller Machines and introduced a profitable "package plan"
for demand deposits. Increased income contributions of non-deposit related
functions by reorganizing the Travel Department and forming a limited capital
Credit Life Insurance Company. Served as President and CEO of the latter.
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SOUTHERN BANKSHARES INC., Richmond, Virginia
(8-68 to 1-72) |
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President and CEO, Williamsburg National Bank (4-71 to 1-72)
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Administered all functions of the holding company's first "multi-bank"
acquisition.
Increased deposits 35% and after tax profitability 42% by improving business
development efforts and lending practices. |
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Vice President and Branch Administrator, Southern Bank & Trust Company
(7-69 to 4-71) -
Division level position supervising 10 branches including the Main Office.
Senior credit officer for all direct retail credits and was back-up officer
for commercial loans. Gave bank its first formal procedure for officer evaluation
and succession planning. |
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Loan Officer and Branch Manager, Southern Bank & Trust Company (8-68
to 7-69) -
Opened the bank's first branch in the "financial district" of Richmond. Business
development and loan administration were instrumental in promotion to division
level in less than a year. |
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THE BANK OF VIRGINIA (SIGNET), Richmond,
Virginia (2-62 to 8-68) |
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Assistant Cashier and Branch Manager (5-65 to 8-68) |
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Consumer and Commercial Loan Officer (7-64 to 5-65) |
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Active Duty - USAR (3-64 to 7-64) |
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Assistant Branch Manager (7-63 to 3-64) |
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Sales Finance Loan Officer (3-63 to 7-63) |
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Teller Supervisor (11-62 to 3-63) |
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Teller (2-62 to 11-62) |
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Credit authority, prior to promotion
to Assistant Cashier, was the highest of any non-officer. In
addition
to becoming the first officer to be promoted at the Village Branch, was loan
review officer for region in which the branch resided. |
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PERSONAL
Height: 6'3", Weight: 198 lbs.
Health: Good
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EDUCATION
Several primary schools in Louisiana and Virginia
Was graduated from Jefferson Senior High School, Roanoke, Virginia
Attended
Hampden-Sydney College for two years and received Bachelor's Degree
in Commerce and Business Administration from the
University of Richmond,
Virginia
American Institute of Banking - Pre-Standard, Standard and Graduate
Certificates
American Bankers Association -
National Commercial Lending School
Consumer Bankers Association -
Graduate School of Retail Bank Management
Stonier Graduate School of Banking
Several American Management Association and other business and management
related courses
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COMMUNITY ACTIVITIES
Rotary International
United Way Board of Directors
Chamber of Commerce Board of Directors
Industrial Development Board
White Tail Golf Resort
Indian River Club
Oak Knoll Country Club
Sea Oaks Tennis Club
False River Golf & Country Club
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HOBBIES
Flying - Licensed Pilot
Golf
Tennis
Skiing (Alpine)
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ADDITIONAL BIOGRAPHICAL INFORMATION
American Banker Directory of U.S. Banking Executives
Who's Who in America
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Return to Principal's Message |
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