NewDominion Bank chief executive John Hipp will retire at the end of the year, the Charlotte-based community bank said on Wednesday.
The bank’s board has elected Chief Financial Officer Blaine Jackson to succeed him. Hipp will also give up his seat on the board.
Hipp, 63, joined NewDominion in late 2010 as it struggled with losses from bad loans during the economic downturn. The bank said Hipp reduced the company’s risk profile, brought in new management and raised $10 million in capital.
“NewDominion Bank has been very blessed with John’s leadership during a challenging period in its history,” Charley Hodges, the bank’s board chairman, said in a statement. “He transformed the institution into a community bank based upon strong customer relationships.”