ROCKY MOUNT, N.C., May 15 /PRNewswire/ -- Centura Bank (NYSE: CBC), as
part of its strategic vision to be an effective retailer of financial
services, has recruited several top executives with financial service
management experience to head key functions within the company. The national-
level search and recruitment effort came out of management's desire to create
leadership roles for specific lines of business in order to increase their
growth potential.
"Since Peoples and Planters merged to create Centura in 1990, the company
has grown from $2.5 billion to $7.6 billion in assets without substantially
augmenting its management team," said Cecil W. Sewell, Centura's chairman and
chief executive officer. "Our existing resources have carried us a long way;
however, in order to grow further it was necessary to bring in additional
resources to lead our retail sales, asset management and insurance lines of
business and to manage the Information Technology and Human Resources
departments."
Michael L. Allen, who joined Centura in January, heads Centura's Asset
Management Group, overseeing the day-to-day management of the Personal Trust,
Retirement Plan Services and Investment Management departments. Allen was
previously with Trustmark National Bank in Jackson, Mississippi. During his
tenure there the Trust Department grew from $1 billion to over $5.5 billion in
assets under administration, and the mutual fund complex he established grew
from $250 million to $1.2 billion.
R. Patrick LaVoie joined Centura in March as CEO, Centura Insurance
Services, Inc. The recent acquisitions of Betts & Company and Moore & Johnson
insurance agencies positioned Centura Insurance Services as one of the largest
insurance agencies in the state and significantly expanded its insurance
capabilities. LaVoie is charged with aggressively growing this important line
of business. Prior to joining Centura, he was President of Dunlap, Corp.,
based in Auburn, Maine, and the largest privately held insurance agency in New
England.
Vicki P. Kennedy also joined Centura in March as Leader of Retail Sales,
Service, and Support Teams. As such, she oversees store sales and services
efforts, the service quality and support teams, and sales development.
Kennedy was previously with Bank of America as Executive Vice President &
Regional Manager - Northern California. Her responsibilities at Bank of
America included sales and service for 230 full-service branches and 61 self-
banking centers, in addition to overseeing 4,400 employees and $11.5 billion
in deposits.
Kent B. Miller, who joined Centura last December, oversees Information
Technology and Operations. Formerly with NationsBank in Atlanta, Miller
brings to this position broad-based experienced in financial management,
systems development, conversions, vendor management, contract negotiation,
restructuring and transaction processing. Miller will continue to leverage
Centura's significant investment in technology and information systems, which
are key to Centura's alternative delivery channels and database information
structures.
Thomas J. LaBonte joined Centura in April to provide comprehensive
leadership and strategic direction to Human Resources. He is responsible for
overall organizational development, including leadership development
strategies and curricula for all levels of management. LaBonte was formerly
Senior Vice President/Director, Performance Improvement and Training for PNC
Bank Corporation, based in Pittsburgh.
Centura also announced today that, in connection with its recently
completed acquisition of Pee Dee Bankshares, Inc., it is planning to
repurchase a nominal number of shares subject to limits intended to preserve
the accounting treatment, as authorized by the board of directors.
With assets of $7.6 billion, Centura provides a complete line of banking,
investment, leasing, insurance and trust services to individuals and
businesses in North Carolina, South Carolina and the Hampton Roads region of
Virginia. Centura provides services through 202 financial offices; more than
300 ATMs at financial centers, Wal-Mart stores and Sam's outlets; Centura
Highway; Centura's Internet site; and through Quicken(R), QuickBooks(R),
Microsoft(R) Money and BankNow(TM), the leading online money management
software packages. Additional information about Centura is available on its
website at http://www.centura.com.
SOURCE Centura Banks Inc.
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Related links:
http://www.centura.com
CONTACT:
Clare L. Condon, Centura Banks Inc.,
252-454-4812
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