Community Bankers Trust (ESXB) in Richmond, Va., has named a new chief credit officer for its Essex Bank
W. Thomas Townsend will retire at the end of June. He has been the bank's chief operating officer since January 2011. He has served 42 years in the banking industry, including 20 years with the Federal Reserve.
Patricia Vogel will succeed Townsend. She joined Essex as a loan review officer in 2009 and was promoted to her current post as senior credit officer in January 2011.
The executives played important roles in reestablishing the bank's credit culture after significant growth in 2008 and 2009 that strained Essex's organizational structure, the company said in a press release.
"We are very grateful for all of Tom's efforts during what were trying times. His leadership paved the way for a much quicker return to safety and soundness for our organization than anyone expected," Rex Smith 3rd, Community Bankers Trust's president and chief executive, said in the release.
Vogel's promotion "will ensure a smooth transition and a continuation of everything that we have done to return to a strong competitive position in our markets," Smith added.
The $1.1 billion-asset Essex has 21 branches in Virginia and Maryland.