Poage Bankshares in Ashland, Ky., has promoted its bank president to chief executive, following the resignation of Ralph "Gene" Coffman.

The $433 million-asset company on Friday named Bruce VanHorn its president and chief executive, according to a Monday regulatory filing. VanHorn, 60, had been president of Poage's Town Square Bank and he will retain that title. VanHorn joined Poage when it acquired Town Square Financial in March 2014.

Joseph Stilwell, a New York activist investor, had opposed the company's acquisition of Town Square, saying he thought Poage should instead sell itself.

Stilwell in 2014 nominated Stephen Burchett, an attorney with the Ashland firm Offutt Nord Burchett, to Poage's board. Burchett failed to receive enough votes in Poage's proxy vote that year. However, Stilwell nominated Burchett again this year and he was elected to the board in July. Stilwell owned a 9.5% stake in Poage, as of July 28.

A representative for Stilwell Holdings declined to comment on Tuesday.

Coffman had served as Poage's CEO since May 2012. He had previously been interim CEO at First Security Group in Chattanooga, Tenn.

Poage will pay Coffman $89,208 in severance and also pay his medical and dental insurance premiums through the end of the year.

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