|By PR Newswire||
|October 3, 2012 02:47 PM EDT||
Bank setting course to boost lending capabilities
FLOYD, Va., Oct. 3, 2012 /PRNewswire-USNewswire/ -- The Bank of Floyd today announced that it has named former bank officer David T. (Tommy) Semler as chief credit officer. The 23-year banking veteran returns to the Bank of Floyd where he previously served as senior credit and senior lending officer from 2007 to 2010.
Semler will team with recently hired Chief Loan Officer Stephen B. Munro to restructure the bank's credit processes and risk management policies. With money to lend and capital to support it, the bank is setting a course to become a lender of choice in the markets it operates.
"While it is the first time our bank has brought onboard two senior-level credit executives, it shows how critically important credit resources are in this era of unprecedented regulation. We must have the right skills and tools in place to guide rational lending decisions," said Michael Larrowe, president and chief executive officer.
"Our goal is to use our new expertise and surplus of cash to do a much better job in meeting the credit needs of our customers. Our balance sheet is strong, with liquidity levels that will support the generation of more loans and utilization of more funds for investment. The addition of Semler and Munro will allow us to ramp up our lending efforts much sooner."
Plans are also underway to add an additional commercial lender and to place small business and consumer loan officers in six of seven banking offices.
Semler began his banking career in 1987 at Dominion Bank in Norfolk, Virginia., first as a management associate before being promoted to branch manager. After a couple of stops in North Carolina with First Citizens Bank, Semler spent the remaining 11 years of his banking career in southwest Virginia, again with First Citizens Bank in Roanoke, Virginia - this time as vice president and business banker before moving on to Rocky Mount, Virginia. as vice president and city executive with BB&T Corporation.
In 2007, he joined Bank of Floyd as senior vice president and held the duel titles of senior credit officer and senior lending officer. He was responsible for the bank's lending operations, credit administration and loan operations.
"In Tommy, we are not only getting someone who is extremely familiar with the financial markets in southwest Virginia, but has a superb understanding of our bank and the changes that need to be made to improve our credit infrastructure," Larrowe said. "We are fortunate to have him rejoin our team."
A 1984 graduate of the University of Iowa at Iowa City, Iowa, Semler also attended the University of Virginia at Charlottesville, Virginia.
"The Bank of Floyd is a strong, financially-sound organization with a great deal of potential," said Semler. "It's important we do all we can to help our customers and communities grow. That's why we are in business."
President and CEO
Bank of Floyd
SOURCE Bank of Floyd