April 27, 2017 10:49 AM

Rusty (left) and Troy Cloutier

MidSouth Bank founder-President Rusty Cloutier and his son, Troy, who was promoted to CEO of the bank last November as part of a succession plan, have been fired in an abrupt move that has been the talk of the Lafayette banking community.

MidSouth issued a press release mid-morning Thursday announcing the ousters:

This decision by the Board of Directors is part of a transition plan already underway to improve the performance of the Company. Jim McLemore has been appointed President and CEO on an interim basis for both the holding company and bank. Mr. McLemore has over 30 years of banking industry experience, including 8 years with MidSouth as Senior Executive Vice President and Chief Financial Officer. Mr. McLemore will also retain his position as Chief Financial Officer during the interim period. These leadership changes are effective immediately. Jake Delhomme, Chairman of the Board of Directors of MidSouth Bancorp, Inc. stated, “The Board of Directors is fully supportive of Mr. McLemore in his immediate endeavors as President and CEO.”

The release goes on to announce the recent hires of Erin DeWitt as chief risk officer, a position she held at Scottrade Financial Services, and Kade Peterson, a former executive at USAmeriBank, as chief information officer.

Founded in 1985, MidSouth is headquartered in Lafayette and has assets of $1.9 billion as of March 31, 2017. The bank has 57 branches in Louisiana and Texas.

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