The board of directors for Community Bancshares Inc. has activated a long-term strategic plan of succession, effective Jan. 1. The plan dictates the upward movement of senior management, which is needed to perpetuate the bank’s business model.
In the first phase of this plan, Freddie J. Bagley has been elected to serve as the new chairman of the board for Community Bancshare. Thomas W. Colbert, who has now moved to the position of senior chairman, has served as the holding company’s chairman since formation in 1977, and will continue to have an active role. Bagley has been president and CEO of the holding company since 1992.
Charles W. Nicholson Jr. has been promoted to president and CEO of Community Bancshares. Nicholson has served as COO of the holding company for over eight years and before that was president and CEO of Community Bank’s offices in Meridian.
David M. Hughes of Biloxi has moved from CEO of Community Bank, Coast, — one of the holding company’s four banks — into the position of COO for Bancshares. With this new role, Hughes also joins the holding company’s risk management team along with Gregory A. Moore, CEO of Community Bank of Mississippi.
For the second phase, the seat vacancy in the Coast bank — left void by the promotion of Hughes — has been filled by the promotion of Oliver A. Latil IV to CEO for Community Bank, Coast. Previously, Latil held the position of CEO for one of the bank’s subsidiaries, Community Bank, National Association, based in Mobile, Ala. Latil will now be responsible for the bank’s Coast footprint that spans from Gulfport, Mississippi, to Panama City, Fla.
— Ted Carter, MBJ