- Push-out Score determined
- After less than three years in the position
- Praise, thanks and good wishes for Shearin
- Dennis Zember taking over
(exechange) — McLean, Virginia, February 20, 2020 — Joe Shearin, chief executive of Southern National, leaves. As announced by Southern National Bancorp of Virginia Inc. in a news release and in a regulatory filing published on Thursday, February 20, 2020, Joe A. Shearin has left his post as chief executive officer at the bank holding company after less than three years in the role, effective February 19, 2020.
Joe Shearin’s duties as CEO will be taken over by Dennis J. Zember, most recently Chief Executive Officer of Ameris Bancorp.
The fact that Joe Shearin’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
No reason given
In the announcement, Southern National did not explicitly explain the reason for Joe Shearin’s move.
Precise information regarding Joe Shearin’s future plans was not immediately available.
Southern National said: “On February 20, 2020, the Company announced that Joe A. Shearin would be retiring as CEO of the Company and Sonabank, effective February 19, 2020 and resigning as a member of the Board of Directors of the Company and Sonabank, effective February 19, 2020. Mr. Shearin will be available for consulting services through March 31, 2020.”
Share price decline
The announcement follows a decline in Southern National Bancorp of Virginia Inc.’s share price of 12% since June 2017.
Chaired by Georgia Derrico
Southern National Bancorp of Virginia Inc. is chaired by Georgia Derrico.
Georgia S. Derrico has served as the Chairman of the Board and Chief Executive Officer of each of the Company and the Bank since July 2004.
In the position of CEO since 2017
Joe Shearin became CEO of the Company in 2017.
Joe A. Shearin has served as President and Chief Executive Officer of each of the Company and the Bank since June 2017, following the closing of the Company’s merger with EVBS.
Shearin served as President and Chief Executive Officer of EVBS and EVB, the wholly-owned banking subsidiary of EVBS, from 2002 until June 2017.
Shearin has 38 years of bank management experience including investor relations, commercial lending, retail administration, marketing, sales, strategic planning, credit administration, risk management and asset/liability management.
Shearin also has experience managing troubled banks that have focused significant efforts on regulatory compliance initiatives.
Prior to joining EVBS, Shearin served as senior vice president/city executive for Branch Banking & Trust (or BB&T) in Petersburg, Virginia from 1997 to 2001.
Prior to joining BB&T, Shearin had been an executive vice president of First Federal Savings Bank in Petersburg from 1995 to 1997, and he held various sales and management roles with Signet Bank from 1984 until 1995.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Southern National and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 8.2020 ($).