Finance time

Arizona native and veteran banker Frank Shelton was appointed president of Valley First Community Bank by its board of directors, the company announced Monday.

Shelton, who has more than 24 years of financial services experience, replaces Judy Egan, who left the bank on July 22. Officials did not elaborate on her departure, calling it a "personal matter."

Shelton said his primary objectives are to improve the company’s financial situation and grow the bank, which caters to small businesses in the Scottsdale market.

Valley First, like many other community banks in Arizona, has taken hits on its balance sheet because of bad loans and the real estate crash. The bank failed to turn a profit in the last two quarters, reporting a $700,000 loss in that span, according to filings with the Federal Deposit Insurance Corp.

"The economy has slipped," said Shelton, who held an analyst position at the bank for a year before being tapped for the lead role.

Shelton earned a master’s of business administration from University of Phoenix and a bachelor’s degree from the University of Arizona instant payday advance payday loans in 1 hour. He serves with numerous civic organizations including the Maricopa Agricultural Center Advisory.

Valley First Community Bank was established in 1997 and is among many financial firms under the Capital Bancorp Ltd. (NYSE: CBS) umbrella. The holding company, which maintains dual headquarters in Lansing, Mich. and Phoenix, sold four of its affiliated banks in Michigan in March and consolidated two others in April.

The company reported a profit of $623,000 in the second quarter, down 90 percent from $6.3 million during the same period a year ago.