Surrey Bancorp Announces Two Senior Management Promotions

Rhea-AI Summary

Surrey Bancorp announced key management promotions on March 31, 2022. Pedro A. Pequeno II has been promoted to President of the Company and Surrey Bank & Trust, overseeing loan operations, deposit operations, branch operations, digital banking, compliance, and lending. William A. Johnson has been appointed Senior Vice President and Chief Lending Officer, responsible for all lending activities. Both executives bring over 25 years of experience, aiming to leverage their expertise for the company's growth. CEO Ted Ashby remains in his role, continuing to guide the bank's strategy.

Positive

• Promotions of experienced executives aimed at profitability growth.
• Pequeno has significant experience since the bank's inception in 1996.

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• No significant financial metrics or performance data provided.

MOUNT AIRY, N.C., March 31, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of Surrey Bancorp (the “Company”) (OTC Pink Sheets: SRYB), the parent company of Surrey Bank & Trust (the “Bank”) have announced the promotion of Pedro (Peter) A. Pequeno II to President of the Company and the Bank and William (Bill) A. Johnson to Senior Vice President and Chief Lending Officer of the Bank as part of its management succession plan. Edward (Ted) C. Ashby III will remain CEO of the Bank and of the Company and will continue to serve as a director of both entities.

Pequeno has been with the bank since it opened in 1996. As Senior Vice President and Chief Lending Officer, Pequeno managed the bank’s loan and credit divisions. Pequeno’s new responsibilities include oversight of loan operations, deposit operations, branch operations, digital banking, compliance, and lending.

Johnson served as a member of the Board of Directors from 1996 to 2012, when he resigned as a member of the Board of Directors to lead the bank’s expansion into Elkin and Wilkes County. Most recently, Johnson served as the Bank’s Western Regional Executive. Johnson will oversee all lending activity.

Pequeno and Johnson have held leadership roles in the organization for more than 25 years. These promotions will allow them to use their experience and talents to profitability grow our company, Ashby said.

Surrey Bancorp is the bank holding company for Surrey Bank & Trust (the “Bank”), a full-service retail and commercial bank serving Northwest North Carolina and Southwest Virginia. The bank, which is headquartered in Mount Airy, North Carolina, has seven offices in Surry and Wilkes County, North Carolina and Patrick County, Virginia.

Surrey Bank & Trust can be found online at www.surreybank.com.

For additional information, please contact
Ted Ashby, CEO
(336) 783-3900

FAQ

What recent management changes occurred at Surrey Bancorp?

Pedro A. Pequeno II was promoted to President, and William A. Johnson became Senior Vice President and Chief Lending Officer.

Who remains CEO of Surrey Bancorp after the management changes?

Ted Ashby continues as CEO of both the Company and the Bank.

How long have Pequeno and Johnson been with Surrey Bancorp?

Both have over 25 years of leadership experience with the company.

What are the responsibilities of the new President of Surrey Bancorp?

Pequeno will oversee loan operations, deposit operations, branch operations, digital banking, compliance, and lending.

What is the stock symbol for Surrey Bancorp?

The stock symbol for Surrey Bancorp is SRYB.