Elder will take the place of Thomas Vann, who is scheduled to retire after having served as First South bank’s managing officer since 1975 and as president and chief executive officer and a director of First South Bancorp, since its inception in 1997.
First South Bancorp chairman of the board Fred Holscher said, "The Bank has over 110 years of commitment and service to North Carolina, and going forward under Bruce Elder’s leadership we will continue to participate in the economic development in the communities we serve."
Before accepting the current role, Elder was working with Crescent Financial as vice president and secretary and as senior vice president and chief financial officer of Crescent State Bank of Cary, North Carolina from 1998 to 2012.
Headquartered in Washington, the bank owned total assets of $742m; loans and leases receivable $506.5m; cash and investments $199.7m; deposits $634.6m; and stockholders’ equity $86.2m, as of 30 June 2012.
