Bank Watch

Former Wachovia executive to become CFO at Park Sterling

Park Sterling Corp. said Friday its chief financial official is stepping down from that role and will leave the Charlotte-based bank holding company after the end of March.
Park Sterling Corp. said Friday its chief financial official is stepping down from that role and will leave the Charlotte-based bank holding company after the end of March. mhames@charlotteobserver.com

Wachovia’s former chief risk officer will become the new chief financial officer for the parent company of Charlotte’s Park Sterling Bank.

Don Truslow retired in 2008 from Wachovia shortly before the struggling bank agreed to be acquired by Wells Fargo. Most recently, he worked for consultant Deloitte & Touche and before that chief risk officer at Buffalo, N.Y.-based M&T Bank.

Truslow, 57, is replacing David Gaines, 56, who is leaving Park Sterling Corp. at the end of March to pursue other interests, the bank said. Gaines had been with the bank since 2010.

In an interview Friday, Truslow said Park Sterling CEO Jim Cherry contacted him in January about working for Park Sterling. Truslow said the two have known each other for about 20 years, going back to their days at Wachovia.

Truslow declined to discuss Wachovia’s past troubles but expressed excitement about going to work for Park Sterling. “The people are incredible,” he said.

Cherry said he’s upset to see Gaines leave but is glad Park Sterling is bringing on Truslow.

“It’s pretty extraordinary,” he said, “for a company of our size to be able to attract someone of Don’s background and experience.”

Truslow joined then-Winston-Salem-based Wachovia in 1980. After Charlotte-based First Union acquired the bank in 2001, he stayed on as chief risk officer for the combined company, which kept the Wachovia name.

By early 2008, the bank was struggling with huge losses in its mortgage portfolio and writedowns in its corporate and investment bank, leading to the ouster of then-CEO Ken Thompson. Wachovia announced Truslow’s retirement in July 2008 after the board hired a new CEO, Bob Steel, who engineered the bank’s sale to Wells Fargo.

After departing Wachovia, Truslow worked for the Financial Services Roundtable trade group before going to work for M&T from 2013 to 2014. Immediately prior to joining Park Sterling, he served as a senior adviser at Deloitte. There, he worked in the auditing firm’s New York office, commuting from his south Charlotte home.

Deon Roberts: 704-358-5248, @DeonERoberts

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