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New CEO set to take the reins at Colonial Virginia Bank

Bill Farinholt, chief executive officer of Gloucester-based Colonial Virginia Bank, announced Oct. 27 his decision to retire by June 30, 2011. Veteran banker Robert L. "Bob" Bailey will succeed him, Farinholt said.

Bailey joined CVB Sept. 1 as the new executive vice president and senior lending officer.

"We are excited about our future and the opportunity to reunite with Bob," Farinholt said "He has a proven track record as a community banker."

In the 1990s Bailey worked with Farinholt and chief financial officer Kenny Smith, who will remain as CFO at CVB, when Farinholt and Smith were the head executives at Peninsula Trust Bank. Bailey worked there for eight years, with his highest position senior lending officer.

In all, he’s been in banking for 27 years. He began with Sovran Bank (now Bank of America) in Newport News, and later worked for Old Point and Peninsula Trust banks and for Union Bank and Trust.

"I’m looking forward...

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