SCB top executive Converse steps down; Stoffle named as acting CEO and President
SEVIERVILLE, TN – Sevier County Bancshares Inc., and its principal subsidiary, Sevier County Bank, announced today that Matthew A. R. Converse has stepped down as chief executive officer and president, effective April 26, 2018.
Bobby R. Stoffle, chief financial officer of the bank and company since 2011, will serve as acting chief executive officer and president until he is formally approved by financial regulators to serve in those roles. The Sevier County native, who joined SCB in 2005, is a certified public accountant with more than 30 years of professional tax, audit and banking experience.
“Bobby is the right person to lead our bank forward,” said Board Chairman James Temple, Jr. “He’s experienced and brings a set of skills unlike most executives in his position. The Board looked internally for someone familiar with our past who was qualified to continue to move our bank in a positive direction. He has our utmost confidence.”
Converse came to Sevier County Bank in 2011 while it was under a regulatory consent order to increase capital and reduce bad loans. Converse said he plans to pursue other business and personal interests after taking some time off to spend with his family.
“We wish the best for Matt and his family,” Temple said. “His efforts were instrumental in turning our bank around, particularly after years of a down economy, high unemployment, and falling real estate values. I know he will be successful wherever he goes.”
Stoffle worked as a staff accountant during the 1980s with PricewaterhouseCoopers after graduating from the University of Tennessee with a Master of Accountancy. He was a principal with the regional public accounting firm PYA before joining SCB in 2005 as vice president of Special Financial Projects. Stoffle assumed the role of CFO two months before Converse arrived to lead the bank.
“Under Matt’s leadership, SCB reorganized, rebranded, recapitalized and significantly improved its regulatory standing,” Stoffle said. “I am personally grateful for and proud of the opportunity to have served as his CFO.”
“It is unfortunate that local reports and social media chatter grossly dramatized Matt’s departure from the premises,” Stoffle said. “It is standard protocol in our industry, and many others, to take precautionary measures to ensure a safe and secure exit from the premises for departing employees.”
Converse said it will be the employees he will miss most.
“Without doubt, I have had the privilege to work alongside some of the most loyal, knowledgeable and talented bankers in my career,” he said. “As both a shareholder and a peer, I am confident Sevier County Bank will continue to be successful under Bobby’s leadership.”