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PeoplesBank CEO ousted two years into job
PeoplesBank terminated the employment of its president and CEO "without cause," according to a document filed with the federal Securities and Exchange Commission.
A. Dwight Utz had been serving as the head of the York Township-based bank for about two years after taking over for the retired Larry J. Miller, who had served as president and CEO for 35 years.
The SEC filing, reported Feb. 5, states that Utz was also terminated as executive vice president and chief operating officer of Codorus Valley Bancorp, the holding company for PeoplesBank and its subsidiaries.
Per his contract, Utz will be paid his annual base salary — $375,000, according to a separate SEC filing — and continue to receive employee benefits for a year.
Miller, who still serves as president and CEO of Codorus Valley Bancorp, did not immediately return a message seeking comment.
The bank's website had not listed a new president/CEO as of Friday, Feb. 9.
Utz previously served as president and CEO at the former East Carolina Bank and served various roles at MidSouth Bank, PNC Bank and former CCNB Bank.