Original HBKS founders had the vision ... they saw downtown was failing and things were moving out to Military Circle. How did the next "generation" of management miss that things were all moving out to the Beach? Tens of millions of dollars of value was lost by not moving to the Beach sooner!!!!!!!
"Price joins BHR from Monarch Bank, where he served as President of the bank's Norfolk market for three years. Previously, he served as Executive Vice President and Commercial Loan Officer at Bank of the Commonwealth in Norfolk. Prior to that, he held a series of leadership positions at Heritage Bank & Trust, including President, over a period of 15 years."
Did Mr. Keogh do a good job as CEO? Draw your own conclusion. Read Mr. Gurthrie's letter to the SEC filed on 8/31/2005 ... it's on the SEC's website:
"The Company had only three full-time accounting employees when Mr. Ives was hired, and two of those employees, the CFO and Accounting Manager, resigned within a week of his hiring. As a result, no one remaining in the accounting function at the Company knew where to find many of the financial and accounting records we needed and we had to locate them with little initial assistance. We have been further hampered by significant deficiencies in the Company’s prior record-keeping procedures, as many of the financial and accounting records that are customary for a business like the Company’s were incomplete or inaccurate."