Andrew Westbrook III has been named to replace longtime Peoples Bancorporation Chief Executive R. Riggie Ridgeway, the company announced Tuesday.
The move was approved by Peoples’ board of directors on July 21, and came upon the recommendation of Ridgeway, who took over as CEO of Peoples in 2004 when founder Robert Dye Sr. died.
Westbrook, who was the president and chief operating officer of the Anderson-based bank holding company, assumes the positions of both CEO and president with the move, according to information filed with the US Securities and Exchange Commission.
Ridgeway will continue to serve as a director and as chief executive officer emeritus of Peoples Bancorporation.
Peoples is the parent of Peoples National Bank, the Bank of Anderson and Seneca National Bank.
Ridgeway, who was 63 at the time the company issued its proxy statement in April, has served as CEO since April 2004.
He was also president from April 2004 through 2008. Prior to that, he served as executive vice president and was president and CEO of Peoples National Bank from 1996 until 2005.
From 1986 until 1996, Ridgeway served as executive vice president and senior loan officer of Peoples National. Ridgeway began his banking career with South Carolina National in 1969.
Like most South Carolina bank companies, Peoples has struggled the past two years. Its stock currently trades for $1.70 a share; two years ago it was close to $7.