Greer State Bank in Greer, S.C., has eliminated its chief banking officer position, according to a regulatory filing.

The $362 million-asset company said in an 8-K submitted to the Securities and Exchange Commission on Sept. 29 that the position was removed as part of a restructuring.

As a result, the bank terminated the employment of Victor Grout, who had held the position. Grout entered into a severance agreement with the bank which will pay him nearly $89,000 in six monthly installments.

"Grout's employment termination did not result from any disagreement with the company on any matters relating to the bank's operations, policies or practices," the bank said in the filing.

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