M&F Bancorp announces chief financial officer transition
DURHAM, Nov 16, 2012 (Menafn - The Herald-Sun - McClatchy-Tribune Information Services via COMTEX) --The Durham-based parent company of Mechanics & Farmers Bank is bringing in the former president and chief executive of the now-closed Bank of Asheville to replace its outgoing finance chief.
M&F Bancorp announced on Thursday that Randall C. Hall has been named the incoming chief financial officer. He will take over the job following the retirement CFO Officer Lyn Hittle in March.
"We are delighted to have an incoming CFO of Randy's caliber and background, and gratified that we will have this opportunity for a smooth transition for him to benefit from Lyn's knowledge of the bank and the company," Kim Saunders, M&F's president and CEO, said in a prepared statement in the release.
In the role of chief financial officer, Hall will earn an initial base salary of 165,000 per year, and is to receive a one-off signing bonus of 25,000.
Most recently, Hall was an independent advisor to troubled banks and bank holding companies under regulatory enforcement actions.
Prior to that, he was the financial officer of Clayton Bancorp Inc. and Clayton Bank and Trust in Knoxville, Tenn.
He was also the former president and CEO of the Bank of Asheville, a bank that was closed in January of last year by the North Carolina Office of Commissioner of Banks with no prior announcement to the public.
Hall was the senior vice president and chief financial officer with the executive team that opened Bank of Asheville in 1997.
Two years later, he was promoted to executive vice president, chief financial officer, and security and treasurer in 1999.
He became president and CEO in 2010 when the former chief executive retired.
Hall held the position through the bank's close in 2011. He then took a leadership role in enterprise risk management at the First Bank of Troy.
The Federal Deposit Insurance Corp. was appointed as receiver for the assets of the Bank of Asheville, and entered into a purchase and assumption agreement with First Bank of Troy to assume all of the bank's deposits.
The FDIC and First Bank entered into a loss-share transaction on 166.3 million of The Bank of Asheville's assets.
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