Just weeks after being named president of New Century Bancorp Inc. in Dunn, N.C., William L. Hedgepeth 2nd has added the title of chief executive officer.
The $550 million-asset New Century announced late Friday that founder and CEO John Q. Shaw Jr., 65, has retired and that Mr. Hedgepeth, 45, had succeeded him as CEO of both the holding company and its lead subsidiary, New Century Bank. Mr. Shaw's last day was Friday.
On March 21, New Century promoted Mr. Hedgepeth to president of the two-bank holding company and its lead subsidiary. He had been chief operating officer of the company and the president and CEO of its second bank subsidiary, New Century Bank South in Fayetteville, N.C.
New Century was founded in 2000 and went public four years later.
The company earned $3.6 million in 2006, up 31% from the year earlier. However, its stock, though thinly traded, is down more than 13% since Dec. 29, which the company has suspected could be because investors have confused it with the troubled subprime lender New Century Financial Corp. It put out a press release last month to say that it is not affiliated with New Century Financial.
The stock closed at $14.60 per share late Monday.
