Terry J. Metrovich, a San Diego banker who recently lost a seven-month battle to save California Heritage Bank, has been named president and chief executive of Monarch Bank in Laguna Niguel.
Directors of the six-year-old Monarch Bank are expected to confirm the 41-year-old banker's appointment at their board meeting today , Raymond Cox, bank chairman, said Tuesday.
Metrovich comes to Monarch three months after San Diego-based California Heritage Bank was seized by state and federal regulators and declared insolvent. Before joining California Heritage last year, Metrovich was co-founder, president and chief executive of Rancho Vista National Bank in Vista. He also served with Bank of Commerce in San Diego and with Bank of America in San Diego and Los Angeles.
The appointment of Metrovich ends a seven-week search to replace ousted bank executive Michael Pollock, whose lending policies were considered too liberal by Monarch's directors. Pollock's job was taken over temporarily by Monarch co-founder Thomas H. Thornton, but Thornton died on Jan. 19.
While Cox will not discuss Monarch Bank's financial condition until accountants complete an audit, a report filed with the State Banking Department shows that the bank posted a modest $24,000 profit last year after the previous year's loss of $874,000.