Bank of Oak Ridge in Oak Ridge, N.C., has a successor for its departing president and chief executive.

The $348 million-asset company said in a press release Thursday that Tom Wayne, its acting chief financial officer, will succeed Ron Black as president on Feb. 1. Bank of Oak Ridge did not name a CEO in its release.

Black, who has been Bank of Oak Ridge's president and CEO since its creation in 2000, will remain vice chairman and serve as an adviser to the company.

Wayne, who was named chief operating officer last April, will continue to serve as CFO.

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