Premier Bank President Steven Smith resigns

by David Reed

September 8,2009

Steven A. Smith has resigned as Premier Bank's Columbia market president.

Premier Bank Chairman Bruce Wiley said in a statement issued today that Smith resigned on Friday. Smith had been with Premier since the Jefferson City-based bank expanded into Columbia 12 years ago.  

Wiley called Smith "a good partner and a great friend" and said he "played a key role in the overall development of Premier Bank in the Columbia Market.

Smith, in a statement issued by the bank, said, "My time here has run its course and a mutual change is best. I am certain there are no better people with which to work."  The statement said "Premier Bank will continue its strategic operation in the Columbia market" and made no reference to the financial difficulties the bank has faced during the recession.

Premier Bank has been dealing with a substantial percentage of non-performing loans and in March, the Federal Reserve announced it had placed the bank's holding company, Premier Bancshares, under government supervision.

Premier last year reported the largest percentage increase in bad loans in the Columbia market, by a wide margin. Premier Bank experienced rapid growth over the past eight years and climbed to the fifth-highest market share in Columbia. But Premier reported a loss of $11 million in net income in June 2008, a drop of over 300 percent from the net income reported in June 2007.