TowneBank in Suffolk, Va., announced that its president will retire at the end of this year.
The $16.9 billion-asset bank said in a press release that Brad Schwartz will also retire as chief operating officer on Dec. 31. He plans to step down from the board when his term expires in 2023.
Billy Foster will succeed Schwartz as president. Foster is also set to become CEO when J. Morgan Davis leaves at the end of this year.
Schwartz, who joined the bank in 2016 after it bought Monarch Bank, will serve as a senior advisor through 2025.
“As our president and chief operating officer, he has provided executive leadership throughout the company, along with leading the enhancement of our operational infrastructure to support a doubling of bank assets during the past six years,” G. Robert Aston Jr., TowneBank’s executive chairman, said in the release.