Old Point Financial in Hampton, Va., has selected its chairman's son as chief executive of Old Point National Bank of Phoebus.
Robert Shuford Jr. has been promoted from chief operating officer to CEO and president, according to a news release from the $888 million-asset company. The promotion took effect Sept. 8.
Shuford's father, Robert Shuford Sr., is chairman of both Old Point Financial and Old Point National Bank; he has been a company director since 1965. The elder Shuford, who was 77 as of the company's April 16 proxy statement, will also remain president and chief executive of Old Point Financial.
The younger Shuford, who was 50 as of the proxy statement, had been COO since 2003.
Shuford replaced Louis Morris as bank president. Morris has stepped down as bank president and CEO and retire from the company at the end of the year. Old Point did not announce whom it will appoint as chief operating officer. The company could not be reached for comment.
Old Point National Bank operates 22 locations in the Hampton Roads area of Virginia.