FREDERICKSBURG, Va., April 16, 2014 /PRNewswire/ -- William B. Young, head of Virginia Partners Bank and an active community member, has announced his retirement, effective June 30, 2014. Mr. Young has served as the founding Chief Executive Officer for Virginia Partners Bank since the Fredericksburg-area financial institution was established in 2007.
With 42 years in the banking industry, Mr. Young helped establish Virginia Partners Bank after serving as President and CEO of The National Bank of Fredericksburg for 13 years.
"Bill created an entity that is a viable asset for the Fredericksburg area, and its contribution will be invaluable for decades to come," said John Chichester, Chairman of the Board for Virginia Partners Bank.
The seed for the bank was planted nearly two years before it opened. Although the economy had begun a downward spiral, Mr. Young sensed that Fredericksburg was ready for a hometown bank. In May 2007, he became the bank's first employee and initially worked without accepting a paycheck.
"Bill had the capacity to see beyond that economic malaise," Chichester added. "Over the ensuing months, Bill assembled a team, raised more than the necessary capital, jumped through the myriad hoops various governmental entities required, and the bank opened in August 2008."
Under Mr. Young's leadership, Virginia Partners Bank has exceeded growth expectations. In its first year of operation, the bank exceeded its growth projections by 25 percent. Today, the bank has approximately $240 million in assets, ranking No. 3 in market share of the 10 financial institutions operating in Fredericksburg. Headquartered at 410 William St., Virginia Partners Bank has two other branches in Fredericksburg – at 2101 Plank Road and at 2521 Cowan Blvd. The bank also has a loan production office in LaPlata, Md., where it plans to open a full-service branch later this year.
Before coming to Fredericksburg, Mr. Young worked for the First National Bank of Maryland for 15 years, where he held various senior roles in both commercial and retail banking, and for Chemical Bank for seven years, where he oversaw corporate banking for Canada, among his various other commercial banking duties.
Mr. Young has embraced community service in Fredericksburg, serving as a Trustee and Treasurer of Mary Washington Hospital Foundation and a board member for the Thurman Brisben Center, Hope House, and Grymes Memorial School. He also has served as Chairman of three significant area nonprofits: the Fredericksburg Area Chamber of Commerce; the Fredericksburg Area Museum and Cultural Center; and the Rappahannock United Way, where he headed up its annual campaign. In addition, Mr. Young was a co-founder and past Chairman of both the Community Foundation of the Rappahannock River Region and the Fredericksburg Regional Council. In 2007, the Fredericksburg Regional Chamber of Commerce recognized him with the Prince B. Woodard Leadership Award for outstanding service to the community.
Mr. Young received a bachelor's degree in engineering from Vanderbilt University and a master's degree in business administration from Syracuse University. He is married and has three grown children.
Mr. Young will be succeeded by Mr. Lloyd B. Harrison, III, who presently serves as President and Chief Operating Officer of Virginia Partners Bank.
SOURCE Virginia Partners Bank