Bank of Lancaster Names Chief Credit Officer19-Jul-2011
Bank of Lancaster’s President and Chief Executive Officer, Kenneth O. Bransford, Jr., announced that Senior Vice President Richard C. Abbott has been named Chief Credit Officer, assuming leadership of the Bank’s Loan Operations, Credit Risk, Compliance, and Loan Resolution.
Abbott joined Bank of Lancaster in January, 1993 as the Outside Adjustor. In the spring of 1994, he became the Bank’s Accounting Administrator and was promoted in May 1995 to Accounting Officer. In January 1997, Abbott was promoted to Controller and then to Vice President and Cashier in April of 1999. In January of 2003, Abbott was elected Chief Financial Officer of the Bank of Lancaster and as Treasurer of Bay Banks of Virginia, the holding company for the Bank of Lancaster and Bay Trust Company. In 2006, Abbott was elected to Senior Vice President and Chief Operations Officer of Bank of Lancaster.
Abbott stated, “I am both pleased and proud to accept this position with Bank of Lancaster. My eighteen year career with Bank of Lancaster is highlighted by this recognition and the opportunity to lead this crucial area to greater success by building upon the solid foundation that has been laid, brick by brick over the last 80 years.” Abbott continued by noting, “I am humbled by the confidence that the Board of Directors has placed in me with this appointment and I am very pleased to support our new CEO Ken Bransford, who has been a beacon of honesty and integrity to me during my years with the Bank of Lancaster.”
Abbott received a Bachelor’s Degree in Economics and Business from Randolph-Macon College in 1986 and a Masters Degree in Business Administration from Averett University in 1995. Abbott graduated from the Graduate School of Banking at Louisiana State University in 2001.
Active in the community, Abbott serves as a director of Lancaster County Crime Solvers, a director for the Family Maternity Center of the Northern Neck, and as a founding director of Virginia 1st Regional Recovery and Response Coalition. Abbott is also a member and deacon of Morattico Baptist Church in Kilmarnock.
Abbott resides in Weems with his wife Jan and their two children, Jordan and Joshua.
Bransford stated, “The Bank’s management and its board of directors feel fortunate to have Richard as a member of our Bay Banks family. He provides outstanding leadership and is dedicated to helping us achieve the highest level of quality service. He also demonstrates his commitment to our company’s mission to pay “civic dues” to the communities we are privileged to serve through his involvement in community organizations. Richard is an asset to our bank and to our community.”