Bank Watch

NewDominion Bank president steps down

NewDominion Bank said Monday its president and chief operating officer is stepping down from the Charlotte-based community bank.
NewDominion Bank said Monday its president and chief operating officer is stepping down from the Charlotte-based community bank. jsimmons@charlotteobserver.com

NewDominion Bank said Monday its president and chief operating officer is stepping down from the Charlotte-based community bank.

Marc Bogan began working in 2011 for the bank, whose headquarters is in Charlotte’s Metropolitan development. Bogan had been hired by then-CEO John Hipp, who was brought on the previous year to turn around the bank as it faltered when the real estate bubble burst.

Bogan, 49, said he is leaving to pursue his dream of becoming the CEO of a community bank at a time when NewDominion has an improved financial footing. Four months ago, it announced a $20 million capital injection by two institutional investors, an important milestone for a bank that was hit hard by the 2008 recession.

“I’ve been here almost five years and I accomplished everything I came to accomplished,” Bogan said. “I’m leaving at a time when I think I can go pursue my career goal and the company is in great shape.”

CEO Blaine Jackson said he and Bogan are parting ways “on very good terms.”

“I think he knows we’ve got a CEO, and I’m not anyone that is near retirement age,” said Jackson, 38. “I think he has made the decision to go elsewhere to find that job. He and I have been friends and remain friends.”

Bogan gave two weeks' notice on Feb. 1, and his last day is Friday.

Jackson became CEO in January 2015, replacing Hipp, who retired.

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.

Deon Roberts: 704-358-5248, @DeonERoberts

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