Carol Stone Inducted into Home Builders Association of Georgia Hall of Fame

Carol Stone, a senior vice president and commercial lender at Coastal States Bank, has been inducted into the Home Builders Association of Georgia Hall of Fame. The honor recognizes individuals who have made significant contributions to the home building industry and demonstrated outstanding commitment to Georgia's home building community. Stone has dedicated 35 years of service to the industry and has been recognized for her work with various associations, including the Home Builders Association of Georgia, Greater Atlanta Home Builders Association, and Home Builders Association of Greater Savannah.

Port Angeles, Washington-based First Northwest Bancorp, a $2.2 billion-asset community bank, has appointed Curt Queyrouze as its new CEO. Queyrouze will take office on September 17, joining the bank from Coastal Financial in Everett, Washington, where he served as president since 2022 Wash. bank rocked by scandal chooses new CEO^[1]. His appointment comes amidst ongoing allegations that the bank abetted a $200 million Ponzi scheme orchestrated by one of its borrowers, Water Station.

Queyrouze's predecessor, Matthew Deines, resigned in July following a $106 million lawsuit filed by a hedge fund alleging First Northwest's involvement in the Ponzi scheme. The bank has since settled with some Water Station investors, agreeing to pay between $2.87 million and $5.74 million to resolve the action Wash. bank rocked by scandal chooses new CEO^[1]. However, the bank maintains that it intends to "strongly dispute the allegations contained in the complaint" by 352 Capital, a hedge fund associated with Jefferies Financial Wash. bank rocked by scandal chooses new CEO^[1].

The appointment of Queyrouze, who has a 40-year career in financial services, is seen as a strategic move by the bank. He previously served as CEO of TAB Bank in Ogden, Utah, from 2016 to 2022. His appointment comes after a comprehensive search conducted by a leading executive search firm and multiple rounds of interviews with the board of directors and executive team Wash. bank rocked by scandal chooses new CEO^[1].

Queyrouze's predecessor, Geraldine Bullard, will return to her permanent position as executive vice president and chief operating officer. The appointment of Queyrouze is viewed as a logical and excellent choice by Piper Sandler Managing Director Nathan Race, who expects a relatively smooth transition and positive progress in resolving the Water Station controversy Wash. bank rocked by scandal chooses new CEO^[1].

The appointment of Queyrouze coincides with ongoing legal proceedings related to the Ponzi scheme. The U.S. Attorney for the Southern District of New York has charged Jordan Chirico, 352 Capital's portfolio manager, with investment advisor fraud connected to the purchase of $100 million in Water Station Bonds. Additionally, Ryan Wear, the owner of Water Station, has been charged with securities and wire fraud Wash. bank rocked by scandal chooses new CEO^[1].

The Water Station Ponzi scheme involved raising more than $200 million from investors who purchased water vending machines, some through Small Business Administration 7(a) loans. Many of the machines allegedly didn't exist, and others were said to have been placed in locations different from the sites promised to investors. Ultimately, Water Station began paying promised returns using new investors' money, according to the government's claims Wash. bank rocked by scandal chooses new CEO^[1].