The Island?s youngest bank is looking for a new leader after the president and CEO who oversaw Capital G?s transition from a deposit company into a bank tendered her resignation.

The board of directors of Capital G Bank said yesterday that it will begin an immediate search to replace Sarah Farrington who will depart on July 31 this year. Ms Farrington, who is a Bermudian, will be joining Conyers Dill and Pearman as their new CEO.

Ms Farrington, joined Capital G in 1993 when it was a small deposit company with three full-time staff. After rising to the position of CFO she took over as president and CEO in 2000 just ahead of Capital G receiving its full banking licence under the 1999 Bank and Deposit Taking Act on October 4, 2001. During her tenure the bank?s growth surged with customer deposits rising 95 percent since 2001 to $815 million as of January 31, 2005. For the same period, the loan book increased 64 percent to $571 million. There are now some 120 staff.

?We were fortunate to have had an executive of Ms Farrington?s calibre with her broad range of operating and management experienced to lead Capital G Bank,? said James Gibbons, chairman of Capital G Bank Limited in a press release yesterday.

?During Ms Farrington?s tenure as CEO, she positioned Capital G Bank as a strong competitor in Bermuda?s banking industry and was instrumental in the Bank achieving the enormous growth it has in the last decade.

For the year ended January 31, 2005, the bank had record earnings of $7.2 million, a 44 percent increase over the previous year. Total customer deposits grew by 19 percent during the year with statistics indicating that the bank has now captured 21 percent of the total deposit market in Bermuda.

Sir David Gibbons, chairman of the board of Capital G Limited said: ?Ms Farrington had a distinguished career with the company and we regret to see her leave our organisation.?

If necessary, James Gibbons will act as interim president and CEO, the bank?s board said yesterday.

Ms. Farrington holds a Bachelor of Science in Business and Management from the University of Maryland and is a Certified Public Accountant and member of the Institute of Chartered Accountants of Bermuda. She previously spent five years with Bank of Bermuda in Retail and Corporate Banking and has also worked for Ernst & Young and the Bermuda Housing Corporation.