NewDominion Bank’s former president and chief operating officer, who announced his resignation earlier this month, has been named president and CEO of Virginia-based Fauquier Bankshares.
Marc Bogan, who had worked for Charlotte-based NewDominion since 2011, is replacing Fauquier’s current president and CEO, Randy Ferrell, Fauquier said Thursday. A year ago, Ferrell announced his intentions to retire in the spring of 2016.
Ferrell will continue to serve as CEO during a transition period that will end March 31, Fauquier said.
Bogan was among bankers recruited to NewDominion by then-CEO John Hipp, who was brought on in 2010 to turn around the bank as it teetered when the real estate bubble burst. In recent years, NewDominion has boosted its capital levels to put it on firmer financial footing.
In announcing his departure from NewDominion, Bogan said he was pursuing his goal of becoming the CEO of a community bank.
“Marc's extensive experience at the top operating structure of banks ranging in size up to $3 billion in assets attracted us to him as a candidate,” John Adams, chairman of Fauquier, said in a statement. “He has been described as one of the brightest executive bankers in the Southeast and a leader who is always looking to make a difference with employees and customers in his community.”
NewDominion has two branches: in its headquarters and in Mooresville. It is the 18th-largest bank by deposits in the Charlotte metropolitan area, according to the latest Federal Deposit Insurance Corp. rankings.
NewDominion has $311 million in assets. Fauquier Bankshares, parent of Fauquier Bank, has assets of $601.4 million.