Troy Cloutier's abrupt departure from banking ended Tuesday when Baton Rouge-based Business First Bank named him Lafayette market president.
Cloutier was president and CEO of MidSouth Bank until his ouster (along with his father Rusty Cloutier) from that post by the bank's board on April 26. The firing of the Cloutiers came just weeks before the Office of Comptroller of the Currency deemed MidSouth to be in "troubled condition" in a June 8 letter to the bank due to a portfolio of non-performing assets linked primarily to loans made to companies and individuals in the energy sector.
"We are very excited to add Troy to our team," Business First Bank President and CEO Jude Melville said in a statement. "His deep roots in the Acadiana region mesh perfectly with our community-oriented focus. The larger we grow, the more important embracing our local ties becomes, and we look forward to working with Troy to expand our presence in and commitment to an area at the heart of our state's economic and cultural vitality."
For Cloutier, it's been a tumultuous year.
He had worked for MidSouth Bank in the shadow of his father Rusty for nearly 25 years before they were both dismissed. After serving as president of the bank for a year, Troy Cloutier was named to succeed his father as the bank's CEO in August 2016 and assumed the position on Nov. 1 of last year.
Troy had also been appointed a member of the MidSouth Bank board of directors on Dec. 14, 2016, taking his board seat on Jan. 1 of this year. Almost two months after being removed as CEO by the bank board, Troy resigned his seat on the MidSouth board on June 15.
Prior to his promotion to president and then CEO, Troy had served just over five years as MidSouth's chief banking officer and senior executive vice president. Before taking those executive roles, Troy was for eight years a regional president for the bank, operating out of Houma.
Troy Cloutier replaces André Frugé as Business First Bank's market president. Fruge is being promoted to director of correspondent banking, the bank said in its announcement. The new role will give Frugé responsibility for fostering Business First Bank's relationships with community banks in Acadiana.