Wes SmithThe leader of Catoosa County’s oldest continuous business has stepped down, Northwest Georgia Bank announced Wednesday.
Wes Smith began his career at the bank in 1971 as a commercial lender, took over as president in 1978 and was appointed chairman and CEO in 2004. He retires after almost 42 years with the bank.
While Northwest Georgia Bank prospered for several years after he took the helm, the real estate downturn cut into earnings, and the bank lost more than $35 million over the past four years. Like many other financial institutions hit hard by bad loans, Northwest Georgia operates under a federal consent agreement, and has received the lowest possible ranking at Bankrate.com.
But in spite of the bank’s challenges, Northwest Georgia did not get a U.S. Treasury Troubled Asset Relief Program bailout, which many other banks such as SunTrust, Regions and First Security Group received.
“I have enjoyed most of my 41 years at the bank, although the last four years have been difficult,” Smith said in a news release announcing his retirement.