Village Bank in Virginia selects insider as next CEO

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Village Bank and Trust Financial in Midlothian, Va., will soon have a new CEO.

The $570 million-asset company said in a press release Thursday that Jay Hendricks will also become its president on Aug. 14. He will succeed William Foster Jr., 58, who is leaving “to pursue other interests.”

Hendricks, Village’s chief operating officer and chief risk officer, will also join the company’s board. Hendricks, who was 57 when Village filed its proxy statement in April, joined the company in 2013 after serving in a number of leadership roles at SunTrust Bank and a predecessor.

“In 2012, I committed to help Village for at least a year, fell in love with the people and the mission, and stayed more than eight years,” Foster said in the release. “During that time, we transformed Village into an organization that performs exceptionally well for our clients, shareholders, team members and community.”

Foster said he has “a number of other adventures and challenges” he wants to take on “before another eight years pass by.” He did not disclose his plans in the release.

Hendricks “has been identified for several years as the named successor” for Foster, Craig Bell, Village’s chairman, said in the release. Hendricks “is an intelligent, tireless leader who is trusted and well respected by his Village teammates.”

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