Highlands Bankshares Inc. in Petersburg, W. Va., will combine the roles of chairman and chief executive in May.

The $406 million-asset company said in a regulatory filing Thursday that John G. Van Meter, its chairman, will add the titles of president and CEO, effective May 8. Van Meter, a founding director at the company, will succeed C.E. Porter, who announced plans to retire in February.

Highlands said in the filing that its board and management team determined that combining the titles "is economically beneficial at this time." The board will retain the right to split the roles in the future, the company said.

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