Peoples Bancorporation of Easley, SC, announced that it has extended its employment agreement with William B. West and subsidiary Peoples National Bank has extended the contract of Andrew Westbrook III, both for an additional year.
West is executive vice president and a director of Peoples Bancorporation while Westbrook is president and chief executive of Peoples National Bank and executive vice president of retail banking and a director of Peoples Bancorporation.
The pair originally had rolling three-year employment terms, but on Aug. 1, 2008, Peoples notified several top executives, including West and Westbrook, that their employment agreements would cease, as of that date, to automatically extend, and would terminate on Aug. 2, 2011, according to information filed with the US Securities and Exchange Commission.
Peoples offered to replace each of the existing agreements with a new agreement that provided for a one-year term that could be extended for an additional year each year at the discretion of the board, and provided somewhat different benefits from those provided by the original agreements.
West and Westbrook accepted the offer of substitute employment agreements and on Sept. 2, 2008, Peoples entered into a substitute agreement with West, and Peoples National Bank entered into a substitute agreement with Westbrook.
Peoples lost more than $8 million in 2008, but managed to post a $558,000 profit during the first three months of this year. Earlier this year, the company was approved by the US Treasury for $12.66 million under the Treasury Capital Purchase Program.
Stock in Peoples is currently trading for $2.70 a share.