GLEN ALLEN, Va., March 2, 2011 /PRNewswire/ -- Community Bankers Trust Corporation, the holding company for Essex Bank (the "Company") (NYSE Amex: BTC), announced today that the Board of Directors has named Rex L. Smith, III to the positions of President and Chief Executive Officer on a permanent basis. He will also serve as President and Chief Executive Officer of the Bank.
Mr. Smith has served as the Bank's Executive Vice President and Chief Banking Officer since May 2010, and he has assumed the responsibilities of President and Chief Executive Officer since September 2010. Mr. Smith joined the Bank as Chief Administrative Officer in April 2009 and has 29 years of experience in the banking industry, including serving as President and Chief Executive Officer of The Bank of Richmond.
The selection of Mr. Smith is the result of an executive search by the Board of Directors and its Executive Committee. In accordance with applicable regulatory requirements, Mr. Smith will officially take the President and Chief Executive Officer titles following receipt of regulatory approval.
In addition, the Company announced today that W. Thomas Townsend has been named the Bank's Executive Vice President and Chief Credit Officer. Mr. Townsend has nearly 40 years of experience in the banking industry and is retired from the Federal Reserve Bank of Richmond, where he most recently served as a Senior Examiner from 2000 to 2010. He has also served as a senior executive in other institutions, including Senior Credit Officer of MainStreet Financial Corporation in Martinsville, Virginia, a multi-bank holding company with $3 billion in assets, from 1994 to 1998.Alexander F. Dillard, Jr., the Chairman of the Company's Board of Directors, stated, "After a thorough search and interviews with a number of candidates, we believe that Rex is the individual to lead the Company from this point. During our process, we were very pleased with the strategic vision that Rex has presented, and we are also pleased with the Company's operating and earnings trends while Rex has been acting in that position. These types of decisions are never easy and, with our current challenges, it is important that we make the best decision for our business and our stockholders." Mr. Smith stated, "I am excited for the opportunity to build upon the progress that the Company made in the fourth quarter of 2010. I look forward to providing the necessary leadership to produce a culture of consistent profitability as we continue to refine our management structure and strategies. The recent addition of Tom Townsend as our Chief Credit Officer and a restructuring of our credit group is a big step in the right direction." Mr. Smith added, "I will also work closely with the Board of Directors to ensure that management and the Board work together to create a renewed focus on enhancing value for our customers and our shareholders. There have been many changes in the past year, and there are more to come, but we will remain focused on our goals. I believe that we have tremendous opportunity and the ability to move beyond the problems of the past and current economic conditions in order to create a valuable community-based bank franchise." About Community Bankers Trust Corporation