Sun, Jul 05, 2009
James R. Claffee
Courtesy of First National Bank

Business

First National Bank replaces its CEO

Arizona Daily Star
Tucson, Arizona | Published: 06.26.2008
The troubled First National Bank of Arizona has a new chief executive officer.
James R. Claffee has replaced Gary Dorris, the former CEO of the Scottsdale-based bank, according to a company press release. Claffee previously served as chief operating officer of First National Bank and helped to establish an affiliate bank, First Heritage Bank in California. He will remain president and CEO of First Heritage Bank, the company said.
First National Bank, which did heavy business in residential mortgages, has struggled in the aftermath of the real estate slump and credit crunch. Bauer Financial Inc., which rates the performance of banks, assigned First National Bank its lowest rating, zero out of five stars, based on the bank's March financial data.
First National Bank has two locations in Tucson, at 6298 E. Grant Road and 10195 N. Oracle Road. It is not affiliated with either National Bank of Arizona or Bank of Arizona.
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