Monarch Financial Holdings (MNRK) in Chesapeake, Va., has made five executive promotions, including the appointment of a new chief credit officer.

The $1.2 billion-asset company said Wednesday that it had promoted Barry Mathias to become its chief credit officer. He had been the company's market president for the Chesapeake region. Mathias succeeds Andrew Lock, who will remain Monarch's chief risk officer, focusing on risk management and compliance.

David Ropp, formerly a senior commercial banker, succeeded Mathias as Chesapeake market president. Steven Layden, formerly the market president for Virginia Beach, was named business banking president. Charles Wright, previously a member of Monarch's commercial real estate finance team, succeeded Layden as Virginia Beach market president.

Jeremy Starkey was named to the newly created position of commercial real estate finance president, a title that formalizes his existing duties.

"We continue to refine our organizational structure to ensure we deliver on our mission of providing exceptional service," Chief Executive Brad Schwartz said in a press release. "These individuals are all top performing bankers, and this change will better support our growth initiatives and ensure our risks are properly managed."

Monarch is the parent of Monarch Bank, which has 11 branches in Virginia and two in North Carolina. Last year, it started a wealth-management division and expanded its Virginia branch network.

In November, Schwartz was elected to the board of the Federal Reserve Bank of Richmond.

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