TowneBank in Suffolk, Va., has a new president.
The $15.8 billion-asset bank said in a press release Friday that Brad Schwartz had taken on the role, succeeding J. Morgan Davis. Schwartz will remain TowneBank’s chief operating officer.
Davis will remain CEO.
Schwartz was CEO of Monarch Bank when it was sold to TowneBank in 2016.
Schwartz “has played a significant role in the enhancement of our operational capabilities as well as his contribution to the more than doubling of our company’s assets and earnings,” G. Robert Aston Jr., TowneBank’s executive chairman, said in the release.