Newton-based Peoples Bancorp CEO Lance Sellers is retiring in early 2025, with Bill Cable taking over as president and CEO, effective Sept. 19.
The bank announced the change Thursday. Sellers has led the company for 12 years, during which assets grew from $1 billion to $1.6 billion. Shares of the company gained 380% during that tenure, according to board Chairman Robert Abernethy.
“Peoples Bank has been very fortunate to have a talented and dedicated team of senior executives,” Abernethy said in a release. “Bill Cable is a big part of that team’s success. The board is pleased to have a leader with his qualities and abilities to serve as our new CEO.”
Cable joined Peoples Bank in 1995 and has been chief operating officer since 2000. He has a bachelor’s degree from Western Carolina University.
Peoples operates 16 offices in North Carolina. It also has loan production offices in Forsyth, Lincoln, Mecklenburg and Rowan counties.
Abernethy holds about 7% of Peoples’ shares, making him the second-largest holder, according to the company’s 2024 proxy filing. Fourthstone, a St. Louis-based investment company, owns about 9.8%.
Peoples’ shares traded for about $31.77 early Thursday. The stock has traded between $18.81 and $32.37 in the past year. The market cap is about $168 million.