Robert Armstrong, chief executive officer and a founder of San Diego Private Bank, has suddenly left the bank, according to the San Diego Business Journal.

Selwyn Isakow, the bank’s chairman of the board, has taken over as CEO and president, and provided no details about the change other than to say Mr Armstrong had resigned, the publication said.  

The report said the bank, which was founded only three years ago, reported a net loss of $3.2 million for 2009, an increase from a net loss of $386,000 for 2008.

The bank caters to the ultra-wealthy and has a single office in the University Towne Center area.