Cordia Bancorp in Virginia Hires Chemung Financial's Former CFO

Cordia Bancorp (BVA) in Midlothian, Va., has hired Mark Severson as chief financial officer.

The $230 million-asset company's former CFO, Joseph Pennington, resigned last October to pursue other business opportunities, according to a regulatory filing. Pennington is now a senior manager at Elliott Davis, an accounting, tax and consulting services firm in Richmond, Va., according to his LinkedIn page.

Severson has 37 years of banking experience, most recently serving as CFO and treasurer of Chemung Financial (CHMG) in Elmira, N.Y. Chemung named an interim replacement for Severson earlier this week.

Severson "has made significant contributions at all levels of community banking, including at three banks larger than $1 billion in assets. We were particularly attracted to [his] experience in bank mergers and acquisitions and retail branch development as we prepare for our next phase of organic and strategic growth," Jack Zoeller, Cordia's president and chief executive, said in a Friday press release.

Cordia, founded in 2009, took full ownership of Bank of Virginia in March.

The Federal Reserve Board terminated a 2010 enforcement action against the company's Bank of Virginia in August. The written agreement ordered the bank to improve board oversight, charge off bad loans, and review its credit-risk policies, among other requirements.