Matthew Lapides, the managing director of wealth management at Gibraltar Private Bank and Trust, has resigned, according to the South Florida Business Journal.

Adolfo Henriques, the firm’s vice chairman, president and COO, will reportedly assume the wealth management responsibilities on an interim basis. He joined Gibraltar Private in February, according to the report.

In October last year the Coral Gables-based bank was served with a cease and desist order from regulators, citing unsound banking practices related to its Bank Secrecy Act and Anti-Money Laundering policies and procedures, as well as problem loans.

The problem loans came after clients of the privately-held bank, which caters to doctors, lawyers and other professionals and entrepreneurs, were affected by the economic downturn, Steve Hayworth, Gibraltar's founder, chairman and chief executive, reportedly said at the time.

Gibraltar Private is also involved in litigation from investors over the Ponzi scheme run by disbarred attorney Scott Rothstein. According to the SFBJ, the bank is hoping to prove it was not responsible for the actions of its former client.

For the three months ended 31 March 2011, Gibraltar Private recorded net income of $49,000, and a Tier 1 (Core) capital ratio of 9.01 per cent.