Coughlin resigned as president/CEO of the bank, and his term "expired" as president/CEO of parent company First State Financial Corp., the company announced Friday.
Coughlin has been credited with reviving the moribund bank after taking over in 2002.
John E. "Jed" Wilkinson was appointed president, CEO and a director of the publicly traded parent company. He has been with the $453 million-asset bank since late 2002, most recently as executive vice president and chief operating officer.
Coughlin departed Monday, but the announcement was delayed until Wilkinson's promotion was finalized, Wilkinson said.
Coughlin left to "pursue another interest, another job," Wilkinson said, and his departure was not tied to the bank's performance.
"I look forward to leading First State Bank to continued success," Wilkinson said.
Coughlin could not be reached for comment Friday.
First State, which operates three offices in Sarasota and three in Pinellas counties, reported record profits last year despite the downturn in the real estate market.
Like others, the bank increased its loan-loss provision last year to prepare for future losses.
One of First State's customers who recently defaulted on two residential loans totaling $775,617 was James Russell Crain, a longtime client of attorney John Yanchek, who represented the notorious local investor Neil Mohamad Husani.