RBC Bank CEO Scott Custer, the executive who moved the bank's headquarters from Rocky Mount to a downtown Raleigh skyscraper, is retiring.
The Raleigh-based bank announced this morning that Custer, 51, is retiring after 25 years in the financial services industry. Custer has been CEO of the bank, which at the time was called RBC Centura, since the fall of 2004.
Custer is being succeeded as CEO by his boss, Jim Westlake, the head of international banking and insurance for the bank's corporate parent, Royal Bank of Canada, as well as the current chairman of RBC Bank.
Westlake will retain those roles as well.
"On behalf of the entire organization, I would like to thank Scott for his leadership and his commitment to helping us build our U.S. banking business," Westlake said in a prepared statement. "I look forward to working with our employees, communities and stakeholders across our markets as we focus on growing the leading relationship bank in the U.S. Southeast."
RBC Bank has 430 branches in the Southeast and more than 5,000 employees, including more than 500 in the Triangle. The bank has been revamping its management team as part of a restructuring, which has included an undisclosed number of job cuts, in an effort to return to profitability.
Royal Bank reported that its international business lost $86.5 million (in U.S. dollars) in the fiscal third quarter that ended July 31. Royal Bank includes RBC Bank in its international business and doesn't break out the performance of RBC Bank.
Still, according to data RBC Bank reported to the Federal Deposit Insurance Corp., the latest quarter marked the bank's best performance in three quarters. (The FDIC data covers different three-month periods; the latest data is for the quarter that ended June 30.)
In an interview in June, Westlake expressed confidence in Custer and said he was committed to retaining him despite the bank's losses.
"He's doing a good job...He is the guy in front leading [the restructuring]," Westlake said at the time.