Pinnacle Bank in Gilroy, Calif., has appointed a new CEO and its current leaders will move into a newly created role.

Jeffrey Payne, chief banking officer at the $282 million-asset bank, will start as president and chief executive on Feb. 1.

Payne will succeed Susan Black, who was appointed executive vice chairman. She had been CEO since 2008.

In the new role, Black will work as a senior adviser to management on strategic initiatives, client relations and board development. She will remain a director for the bank.

Payne joined Pinnacle Bank in 2009 and was named chief banking officer the next year.

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