July 16, 2009 (FinancialWire) — Thomas E. Stanberry has resigned as president, chairman and chief executive officer of West Bancorporation, Inc. (NASDAQ: WTBA) (Current Market Cap: US$ 89.10 Mil.) chairman and CEO of its West Bank subsidiary and chairman of WB Capital Management, Inc.

The company’s board has named Jack Wahlig, former national managing partner with McGladrey & Pullen, as chairman of the West Bancorporation board and Robert Pulver was as its vice-chairman.

West’s board appointed David R. Milligan as interim CEO of West Bancorporation and interim CEO and chairman of West Bank. Milligan worked for West Bank for 26 years and served in various management roles. He retired as CEO and chairman of West Bank in 2004, and has continued to serve as a member of the bank’s board.

West Bancorporation said the search for a new CEO will begin immediately. In a statement, the board said it anticipates a new leader in place by the end of the year.

The company booked a preliminary loss of $5.3 million for the second quarter of 2009 and that no dividend will be paid to common stock shareholders. This anticipated loss is primarily the result of taking a provision for loan losses of $15 million at West Bank, according to the company. Net loans charged off during the second quarter totaled $9.4 million.

West Des Moines, Iowa-based West Bank provides lending, deposit and trust services for individual and businesses from ten banking locations in Des Moines, Iowa City and Coralville, Iowa.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.