JOSH C. COX, JR.   
   
             
 

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CONTACT INFORMATION

 
 
86 Lagos del Norte
Fort Pierce, Florida 34951-2870
(717) 830-5381   Fax: (772) 448-8670
Email: joshcox@thebankdoctor.com
URL: www.thebankdoctor.com
 
     
 
 
                   
  GENERAL SUMMARY  
     
  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)


 
 

 
  EXPERIENCE  
     
     
  Summit State Bank, Santa Rosa, California  
     
  Regulatory Consultant: June 2016 to Present  
     
  Member of the Board of Directors: June 2011 to Present  
     
  Responsible, along with 9 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 and IT Committees.  
     
  Senior Vice President & Director of Marketing: April 2006 to May 2007  
     
  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.  
     
     
  PROBLEM BANK SPECIALIST AND CONSULTANT: March 1976 to Present  
     
     
  November 2013 to November 2014: Bank of Mingo, Williamson, West Virginia  
     
  Management Consultant  
     
  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.
 
     
     
  July 2009 to November 2009: Florida Community Banks, inc., Immokalee, Florida  
     
  Management Consultant  
     
  Retained consultant to executive management for various short term projects; among them:
  • Prepare a Capital Plan satisfactory to regulatory authorities.
  • Design a Succession Plan and initiate steps to fill the gaps; specifically, a CEO and Senior Loan Officer.
  • Initiate steps to mitigate liability to directors.
 
     
     
  BAXTER FENTRISS & COMPANY, Richmond, Virginia  
     
  Acquisition Due-Diligence for potential syndicated investors in a medium-size financial institution in Texas (February-March, 2004)  
     
  On-site review of loan portfolio, management and operating procedures.  
     
 

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  ADAMS NATIONAL BANK, Washington, DC  
     
  Due-Diligence for purchase of CONSOLIDATED BANK & TRUST COMPANY, Richmond, Virginia (December, 2004)  
     
  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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  CHAMPION INDUSTRIES, Baton Rouge, Louisiana (1-04 to 9-04)  
     
  Sales/Marketing Consultant for Bourque Printing Company  
     
 

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:

  1. An incentive payment, in advance, of 10% of all printing costs for the first year of participation and 5% for the second year.
  2. All printing costs are "frozen" for 3 years.
  3. 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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  CITRUS FINANCIAL SERVICES, INC., Vero Beach, Florida  
     
  Professional Director and Consultant (10-93 to 6-00)  
  President & CEO of Holding Company and Citrus Bank, NA (6-94 to 6-00)  
     
  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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  FIRST STATE BANK OF SARASOTA, Sarasota, Florida (7-93 to 1-94)  
     
  Consultant  
  President, CEO and Director  
     
  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.

 
     
     
  BAY BANK & TRUST COMPANY, Panama City, Florida (11-92 to 3-93)  
     
  Consultant, President, CEO and Director  
     
  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.  
     
     
  FIRST EXCHANGE CORPORATION, Cape Girardeau, Missouri (1-92 to 5-92)  
     
  Regulatory Consultant  
  President, CEO and Director of Holding Company  
  President, CEO and Director of Lead Bank (Jackson Exchange Bank)  
  Director of Other (4) Holding Company Banks  
     
  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.  
     
     
  FIRST FEDERAL BANK & TRUST COMPANY, Pontiac Michigan (5-91 to 10-91)  
     
  Consultant  
  President, CEO and Director  
     
  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.  
     
     
  FIRST GUARANTY BANK, Hammond, Louisiana (9-86 to 6-94)  
     
  President, CEO and Director (9-86 to 4-91)  
  Vice Chairman and Principal Shareholder (4-91 to 6-94)  
     
  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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  Charleston National Bank, Charleston, West Virginia (1-84 to 1-86)  
     
  President, CEO and Director  
  EVP, Chief Operating Officer and Director of Centurion Bancshares, Inc.  
     
  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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  Oklahoma National Bank, Oklahoma City, OK (10-82to 1-84)  
     
  Chairman, CEO and Director  
     
  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.
 
 
     
  FIRST OKLAHOMA TRUST COMPANY, Oklahoma City, Oklahoma(4-81 to 1-84)  
     
  President, CEO and Director  
     
  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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  FIRST OKLAHOMA BANCORPORATION, Oklahoma City, Oklahoma (4-81 to 1-84)  
     
  Senior Vice President  
     
  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.  
     
     
  TRUST COMPANY OF COLUMBUS, Columbus, Georgia (4-78 to 4-81)  
     
  President, CEO and Director  
     
  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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  Commercial and Industrial Bank, Memphis, Tennessee (7-76 to 4-78)  
     
  Executive Vice President and Director  
     
  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.  
     
     
  Union Planters National Bank, Memphis, Tennessee (3-76 to 7-76)  
     
  Vice President and Branch Administrator  
     
  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.  
     
 
 
     
     
  February 1962 to March 1976: EXPERIENCE PRIOR TO SPECIALIZATION  
     
     
  IRWIN UNION BANK AND TRUST, Columbus, Indiana (1-72 to 3-76)  
     
  Senior Vice President and Retail Division Administrator  
     
  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.

 
     
     
  SOUTHERN BANKSHARES INC., Richmond, Virginia (8-68 to 1-72)  
     
  President and CEO, Williamsburg National Bank (4-71 to 1-72) - 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.  
     
  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.  
     
  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.  
     
     
  THE BANK OF VIRGINIA (SIGNET), Richmond, Virginia (2-62 to 8-68)  
     
  Assistant Cashier and Branch Manager (5-65 to 8-68)  
  Consumer and Commercial Loan Officer (7-64 to 5-65)  
  Active Duty - USAR (3-64 to 7-64)  
  Assistant Branch Manager (7-63 to 3-64)  
  Sales Finance Loan Officer (3-63 to 7-63)  
  Teller Supervisor (11-62 to 3-63)  
  Teller (2-62 to 11-62)  
     
  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.  
     
 
 
     
 

PERSONAL

Height: 6'3", Weight: 198 lbs.

Health: Good

 
     
 
 
     
 

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

 
     
 
 
     
 

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

 
     
 
 
     
 

HOBBIES

Flying - Licensed Pilot

Golf

Tennis

Skiing (Alpine)

 
     
 
 
     
 

ADDITIONAL BIOGRAPHICAL INFORMATION

American Banker Directory of U.S. Banking Executives

Who's Who in America

 
     
 

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