ANNAPOLIS -- Annapolis National Bank has replaced its president with a consultant who helped the bank acquire the assets of the failed Gibraltar Federal Savings Bank.

Richard J. Morgan, who as a consultant helped Annapolis National buy the assets of the failed Gibraltar Federal Savings Bank, was named as president, replacing C. Terry Adkins.

Morgan said he would not comment on Adkins's firing on July 20.

Eight members of the bank's board of directors did not return calls or declined comment.

The bank issued a statement describing Morgan's background but did not mention Adkins.

Annapolis National Bank opened in January after raising $5.4 million. It reported a $221,000 loss in its first quarter, much of it pinned to legal fees, remodeling and other opening costs. Adkins had estimated the bank would see its first profit by the third quarter of next year.

The bank paid $500,000 for the assets of Gibraltar, but also had to raise an additional $3 million in reserve capital to cover them. Adkins said most of that money came from the bank's largest stockholder, Lawrence E. Lerner of Rockville.

The acquisition gave Annapolis National the four branches operated by Gibraltar, in Annapolis, Eastport, Cape St. Claire and Kent Island.

Adkins had estimated that opening his own branches over several years would have cost $1.6 million.

Morgan, of Davidsonville, has held management positions at Marine Midland Bank in New York, Maryland National Bank and Phillips Corp. of Columbia, the bank said. He is president of Ceteris Corp. of Bowie, a financial services company that helped with the Gibraltar sale.

Adkins, 39, is a former president of Madison Bank of Maryland. He also worked as a senior lending officer at First National Bank of Maryland.

As of June 30, Annapolis National had $39.7 million in assets, largely from Gibraltar.