Old Point Financial Corporation
07/16/2024 | Press release | Distributed by Public on 07/16/2024 15:26
Management Change/Compensation Form 8 K
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 11, 2024, Paul M. Pickett notified Old Point Financial Corporation (the "Company") of his decision to resign as Chief Financial Officer & Senior Vice President/Finance and principal financial and accounting officer of the Company and as Chief Financial Officer & Executive Vice President of The Old Point National Bank of Phoebus (the "Bank"), the Company's wholly owned national bank subsidiary. Mr. Pickett is expected to remain with the Company until July 26, 2024, to assist in the transition of his responsibilities. Mr. Pickett's resignation is not the result of any disagreement with the Company or Bank on any matter relating to the Company's or Bank's operations, policies, practices, financial disclosures, accounting practices or internal controls. Mr. Pickett's resignation does not entitle him to additional compensation other than what he is entitled to under the Company's existing plans.
Cathy W. Liles, age 59,the Company's Chief Accounting Officer & Senior Vice President, has been named Interim Chief Financial Officer. Previously, Ms. Liles served as Senior Vice President and Chief Accounting Officer at American National Bankshares Inc. from 2016 to 2024. Ms. Liles served as the Chief Financial Officer for Carter Bank & Trust from 2013 to 2015, and prior to that, as a partner in the accounting firm Forvis LLP (previously named Dixon Hughes Goodman). She is a Certified Public Accountant and an alumna of Belmont Abbey College.
Ms. Liles' compensation is not changing in connection with this interim appointment. There are no arrangements or understandings between Ms. Liles and any other person pursuant to which she was appointed, nor are there are any family relationships between Ms. Liles and any of the Company's directors or executive officers. Ms. Liles does not have any material interest in any transactions, relationships or arrangements with the Company that would require disclosure under Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
The Company will be conducting a search for a new Chief Financial Officer. The Company thanks Mr. Pickett for his dedication and contributions to the Company and the Bank.