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The chairman of the bank, James L. Mullin II, confirmed Ellwood's departure but declined to say if he had resigned or was forced out.
"Bill Ellwood is no longer with the bank," Mullin responded to a query in an e-mail message. "Bill is a very loyal and genuine person worthy of the respect and admiration earned from employees, customers and the community. We appreciate the service he delivered and the care he showed our customers and shareholders."
In June, the bank signed a consent order with banking regulators, agreeing to reduce its problem loans and diversify its loan portfolio. The bank had a high concentration of one- to four-family residential construction loans, many of which went bad.
Mullin said the bank had nominated a new candidate for president and would vote on the matter at its mid-October board meeting.
He said no announcement was planned until after the candidate was approved by regulators.
As of June 30, Town & Country had $97.4 million in assets, down from $102.5 million a year earlier. The bank posted a $739,000 loss as of midyear, compared with a $45,000 loss at midyear 2008.
The bank was founded in 2001 by Ellwood and Dennis Bartkoski, the bank's chief financial officer, and is owned by several dozen area families.
To reach Dan Margolies, call 816-234-4481 or send e-mail to dmargolies@kcstar.com.
To see more of The Kansas City Star, or to subscribe to the newspaper, go to http://www.kansascity.com. Copyright (c) 2009, The Kansas City Star, Mo. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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