The bank responsible for providing financing for an Iowa music festival that lost millions has parted ways with its president.

Back in August, Go Cedar Rapids held a three-day festival called “Newbo Evolve” but it was a financial failure and lost $2.3 million leaving many vendors unpaid.

Go Cedar Rapids, a non-profit tourism agency for the city, closed on Monday due to the debt. The group still owes $1.5 million to the bank and $800,000 to vendors.

The bank that provided a line of credit for Go CR was Bankers Trust of out Cedar Rapids. Originally, the bank provided $2.25 million.

A spokesperson with Bankers Trust told KWWL that they have since parted ways with Pat Diegnan, the president for the Cedar Rapids market.

“We appreciate his many contributions to the bank and the community. To be considerate of all parties involved, we won’t share anything further on that matter,” the corporate communications spokesperson Scott Valbert wrote, in a statement.

Bankers Trust has since announced Todd Wishman as the Cedar Rapids Market President.

“Bankers Trust is ready to turn the page on the Go Cedar Rapids situation. We have strong new leadership and a great, committed team in Cedar Rapids. We have our sights set on future growth in Eastern Iowa and continued involvement in the community,” Valbert wrote.