Highlands Bankshares Inc. in Petersburg, W. Va., is on the lookout for a new chief executive after announcing that C.E. Porter will retire in May.

The $406 million-asset company said in a regulatory filing Monday that Porter will also step down as its president on May 7. Porter, 63, will also retire from the company's board.

Highlands has not made a formal decision on who will succeed Porter as president and CEO, said George Ford, the chief executive of the company's Grant County Bank, in an interview. Ford said that a decision should be made in the next 30 days.

The company said in Monday's filing that it will recommend Donald Baker Jr. to take over Porter's seat on the board. Shareholders will vote on the three-year term at the company's May 8 annual meeting. Baker, 62, owns an insurance agency in Moorefield, W. Va., the filing said.

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