Bank of Fincastle in Virginia has named Charles "Scott" Steele chief executive, after its longtime CEO retired.

The $221 million-asset bank said Steele assumed the position on July 1; the appointment was announced on Wednesday in the Roanoke Times. The bank did not immediately return a request for comment. Steele was also given the title of president.

Steele was previously chief lending officer and compliance officer at the $115 million-asset CornerStone Bank in Lexington, Va.

Steele succeeded John Kilby, who had been CEO since 1987 and president since 1990. Kilby will remain the bank's chairman, a position he has held since 1983.

Bank of Fincastle, which was established in 1875, operates seven branches in the Roanoke, Va., area.

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