At 71, Bobby Cox just signed up for a challenge that may be more daunting than managing the Braves from worst to first. Cox is the new chairman of Adairsville-based NorthSide Bank, which has performance numbers way below what he would have tolerated from any of his former players.
The small community bank, with $129 million in assets and three branches, has been a victim of the real estate crash, struggling with serious losses and a lack of capital to cover them. It’s been under a regulatory order for more than three years to improve its condition, highlighted by losses of $3.2 million in 2008, $4.7 million in 2009, $1.2 million in 2010 and $501,000 last year.
Cox never thought he’d be dealing with such numbers when he became one of the original investors and board members in 2005. In his new role as chairman, he thinks he can help attract the capital to give the bank more breathing room as it tries to turn around. Cox said the bank is close to raising $2.3 million