AloStar Bank of Commerce Chairman and CEO Michael J. Gillfillan has announced his retirement effective April 15, 2015. The board of directors of AloStar Bank of Commerce has announced the appointment of Andrew S. “Andy” McGhee as CEO. McGhee will also join the company’s board of directors.
Gillfillan, 67, is co-founder of AloStar Bank of Commerce and partnered with McGhee to raise funds and charter the bank in 2011. AloStar then assumed the deposits of Birmingham-based Nexity Bank after it was taken over by the FDIC. Prior to joining AloStar, Gillfillan spent 26 years at Wells Fargo Bank, where he finished his career as vice chairman and chief credit officer. He has also served on the board of Union Bank and is currently on the board of AmericanWest Bank.
“Mike and Andy had a vision for this bank to provide capital to a market that is often overlooked by larger institutions,” said Richard G. Hickson, AloStar’s new board chair. “For four years, Mike has commuted from San Francisco to oversee the institution. We are grateful for Mike’s leadership, which we will miss upon his retirement.”
McGhee, 55, was most recently president of commercial banking at AloStar and headed its AloStar Business Credit unit, the bank’s asset-based lending arm. McGhee brings more than 26 years of experience in the financial services industry. Prior to AloStar, McGhee was president and founding partner for Archway Equity Partners and senior vice president and managing director for SunTrust Bank.
“I am honored to assume this new role. AloStar Business Credit has had four very successful years with our strategy focusing primarily on traditional asset-based lending and lender finance,” said McGhee. “I look forward to continuing to execute on the vision that Mike crafted and anticipate expanding our business and product set to include capital solutions for our clients and prospects whose asset mix has a longer life cycle.”