The board of directors of the Bank of Floyd, the wholly owned subsidiary of Cardinal Bankshares Corporation, has appointed Henry A. Logue to the position of CEO of the bank effective Nov. 15.
Logue retains the title of president of the Bank and executive vice president of Cardinal.
Previous to joining Cardinal in April 2010, Logue, 56, served for six years as president and CEO of Community Trust Bank of Mississippi (formerly Madison County Bank) and has over 30 years of regional and community banking experience.
Logue entered into an employment agreement with Cardinal April 3, which has a three-year term and provides for an annual base salary of $190,000 subject to increases of $10,000 Dec. 1, 2010, and May 1, 2011, together with standard benefits.
The agreement provides that Logue will be considered for promotion to additional positions with Cardinal and Bank of Floyd during the term of the agreement upon continued satisfactory performance. Upon a change of control the agreement provides for the payment of twice his annual salary should his employment be terminated under certain circumstances.