Palmetto Bancshares (PLMT) in Greenville, S.C., is combining its chairman and chief executive roles.
The board of the $1.1 billion-asset company elected CEO Samuel Erwin to become chairman on Jan. 1. He will succeed Michael Glenn, who will remain a director.
Palmetto also appointed Robert Goldstein, who is already on the board, to become its independent lead director starting next year. The company did not previously have an independent lead director.
Palmetto's board split the roles of CEO and chairman in 2010 to allow the CEO to focus on "issues related to asset quality, earnings, liquidity" and to address a consent order with the Federal Deposit Insurance Corp., the company said in a regulatory filing Friday.
With the 2010 split, Erwin was named CEO, and former CEO Leon Patterson remained chairman. Glenn, who had been lead independent director, became chairman when Patterson retired at the end of 2011.
Palmettoe has returned to profitability and the order has been lifted, so combining the roles "will allow a more efficient development and execution of the company's strategic plans and leadership of the board," the filing said.