NEWTON, NC - Peoples Bancorp (NASDAQ:PEBO) of North Carolina (NASDAQ:PEBK) has announced the appointment of Bill Cable as the new President and CEO, effective September 19, 2024. The transition comes as current CEO Lance Sellers plans to retire in early 2025 after more than a decade at the helm.
Bill Cable, who joined Peoples Bank in 1995, has held various executive positions within the company, including Chief Operating Officer since 2000. His banking career began in 1991 with the Federal Deposit Insurance Corporation. Cable is an alumnus of Western Carolina University and has furthered his executive education at Louisiana State University, Vanderbilt University, the University of Wisconsin-Madison, and the North Carolina Bank Directors' College.
Upon accepting the position, Cable expressed his honor in leading the bank, which boasts a 112-year history and a commitment to serving its community, employees, and shareholders.
Outgoing CEO Lance Sellers reflected on his tenure, noting the bank's growth from $1 billion to $1.6 billion in assets, a record five years of earnings, and a total shareholder return of over 380%.
Peoples Bank operates 16 banking offices across North Carolina and several loan production offices. The company's stock is traded on the Nasdaq Global Market.
InvestingPro Insights
As Peoples Bancorp of North Carolina (NASDAQ:PEBK) prepares for a leadership transition, investors and stakeholders may be keen to understand the financial health and market position of the company. With a market capitalization of $169.06 million and a P/E ratio that stands at 10.3 for the last twelve months as of Q2 2024, PEBK presents a potentially interesting value proposition.
One of the notable InvestingPro Tips for PEBK is its record of maintaining dividend payments for an impressive 40 consecutive years, showcasing a commitment to returning value to shareholders. Additionally, the company's stock has seen a high return over the last year, with a 50.51% one-year price total return as of the data cut-off date. This performance is particularly striking as it trades near its 52-week high, at 98.7% of this threshold.
From a financial perspective, PEBK has maintained profitability over the last twelve months, and despite a modest revenue growth of 1.61% in the last twelve months as of Q2 2024, the company has managed a substantial operating income margin of 27.11%. This indicates a strong ability to translate revenues into profits.
For investors looking for more in-depth analysis, there are additional InvestingPro Tips available on the platform. Those interested in exploring these insights can find them at https://www.investing.com/pro/PEBK, which could provide further clarity on the company's financial nuances and investment potential.
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