Old Point Financial Corp (NASDAQ:OPOF) announced the upcoming resignation of Susan R. Ralston, the Chief Operating Officer and Executive Vice President of The Old Point National Bank of Phoebus, its wholly-owned subsidiary. The company disclosed on Tuesday that Ralston's departure is effective April 19, 2024, and it will begin the process of seeking her replacement.
Ralston has been recognized for her commitment and contributions to both the bank and the parent company. Old Point Financial expressed its gratitude, noting that she will be missed following her departure.
The company's announcement, as per a recent SEC filing, did not provide reasons for Ralston's resignation. In accordance with standard corporate governance practices, the search for a new COO will commence promptly to ensure a smooth transition of responsibilities.
Investors and stakeholders of Old Point Financial are now anticipating the company's next steps in filling the executive role. The bank has not yet named an interim COO, and further details on the search process or potential candidates have not been made public.
This management change comes at a time when the banking industry faces various challenges and opportunities, with leadership roles critically influencing the direction and success of financial institutions.
Old Point Financial Corp, through The Old Point National Bank of Phoebus, provides a range of banking services and has been serving its community's financial needs. The company's management and strategic decisions are closely watched by investors, especially in times of executive transitions.
The information regarding Ralston's resignation is based on the company's official statement in a press release.
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