The chief executive of First Capital Bancorp in Glen Allen, Va., plans to resign, about a month after the company agreed to sell itself.
The $623 million-asset First Capital has named Robert Watts Jr. acting CEO, after John Presley said he's leaving to become CEO of Lumber Liquidators Holdings in Toano, Va. Watts' appointment is effective Nov. 13.
First Capital last month agreed to be acquired by the $2.4 billion-asset Park Sterling in Charlotte, N.C. Presley will remain a First Capital director and serve as a consultant until the merger closes, which is projected for the first quarter.
Presley has been First Capital's CEO since 2008, leading the company through a recapitalization.
Watts is currently president and CEO of the company's subsidiary, First Capital Bank. He's been with First Capital since 2000, after working at the Bank of Richmond.