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The Board of Directors of Surrey Bancorp (OTC Pink Sheets: SRYB), the parent company of Surrey Bank & Trust, has promoted Pedro (Peter) A. Pequeno II to president of both the parent company and the bank. The board also promoted William (Bill) A. Johnson to senior vice president and chief lending officer of the bank as part of its management succession plan.

Edward (Ted) C. Ashby III, the long-time president of both entities, will remain CEO of both the bank and of the parent company and will continue to serve as a director of both entities.

Pequeno has been with the bank since it opened in 1996. As senior vice president and chief lending officer, Pequeno managed the bank’s loan and credit divisions. Pequeno’s new responsibilities include oversight of loan operations, deposit operations, branch operations, digital banking, compliance, and lending.

Johnson served as a member of the board of directors from 1996 to 2012, when he resigned from the board to lead the bank’s expansion into Elkin and Wilkes County. Most recently, Johnson served as the bank’s western regional executive. Johnson will oversee all lending activity.

Pequeno and Johnson have held leadership roles in the organization for more than 25 years. “These promotions will allow them to use their experience and talents to profitability grow our company,” Ashby said.

Surrey Bank & Trust is a full-service retail and commercial bank serving Northwest North Carolina and Southwest Virginia. The bank, headquartered in Mount Airy, has seven offices in Surry and Wilkes counties and in Patrick County, Virginia.