Citizens Community Bank in South Hill, Va., has named an insider to become its new president and chief executive.

The $164 million-asset bank said Monday that James R. Black, who has been its chief financial officer since May 2007, has succeeded Thomas C. Manson, who resigned as president and CEO on Friday. Manson also resigned from the bank's board.

Citizens also posted a third-quarter loss of $162,755 on Friday, compared with a $61,811 profit a year earlier. The bank's loan-loss provision grew more than seven-fold from a year earlier, to $434,137.

For the first nine months of the year, the company lost $7,926, compared with a profit of $193,265 a year earlier.

Manson's resignation was not mentioned in the earnings release and a reason was not given for his departure in a separate release issued on Monday.

"On behalf of the board, I want to thank Tom for his dedication since joining CCB in 2002," R.T. Arnold, the bank's chairman, said in Monday's release. "Tom made many contributions to the Bank. We wish him well."

Black has more than 19 years of banking experience. Prior to joining Citizens in October 2006, he was the chief financial officer of First Liberty Bancorp in Washington, D.C., from July 2004 to September 2006. WashingtonFirst Bank bought First Liberty in September 2006.

Black will continue as the chief financial officer until a successor is found. The company is actively looking to recruit for that post.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.