Pennsylvania-based Fulton Financial Corp. (NASDAQ: FULT ) is searching for a new CFO. The bank holding company and operator of 267 bank branches throughout Pennsylvania, Maryland, Delaware, New Jersey, and Virginia says Chief Financial Officer Charles J. Nugent has given notice of his plans to retire as of Dec. 31.
A 21-year veteran of the firm -- serving the entire time as CFO -- Nugent is credited with helping to build Fulton from a $2.2 billion-in-assets firm to a bank holding company nearly eight times as large, expanding into New Jersey, Maryland, Delaware, and Virginia along the way. Fulton's stock price, however, hasn't fared as well -- barely doubling in value from late 1992 through today, and at one point (in June 2009) giving back just about all the gains it's ever made, and then some.
Fulton says it has engaged an executive search firm to help it find a replacement for Nugent.