Jan 2, 2020 1 min read

CHARLEROI – A Charleroi bank president retired Monday, about nine months after the U.S. Treasury Department issued concerns about the soundness of the company.

Neil D. Bassi, who was also chief executive officer of cfsbank, was being replaced by an interim president while the bank seeks a new leader, said his brother, Brad Bassi, a Charleroi attorney.

Brad Bassi said he hadn’t spoken to his brother about his retirement plans.

He also said he no longer is on the board of directors at the Charleroi-based bank, which has 10 branches in four counties, including Washington.

Neil Bassi could not be reached Tuesday for comment.

His brother said he did not know if the retirement was related to the Treasury Department’s report on cfsbank.

The department’s comptroller found “unsafe or unsound practice(s), including those relating to commercial credit oversight and administration, internal controls, corporate governance, and violation(s) of law, rule, or regulation, including those relating to conflicts of interest, regulatory reporting, and overdrafts,” according to the March report.

At the time, Neil Bassi downplayed the report, saying it was a routine matter and that cfsbank was taking actions.