McWhorter elected FB Economical chairman

Jim Ayers will on Jan. 1 stage down as govt chairman of FB Economic and its FirstBank subsidiary, which he acquired in 1984 when it experienced just $14 million in assets.

Ayers, who not long ago turned 77, will be succeeded by investor and previous state commissioner of finance and administration Stuart McWhorter. The latter was elected back again to the board past month following leaving his role in Gov. Bill Lee’s administration he previously was a director from 2006 to 2018.

“I assumed this would be a superior time to dial again some of my obligations to give me additional time to devote with my family and on my hobbies,” Ayers stated in a assertion. “I can go looking and fishing, and that is what I intend to do.”

Ayers will keep an FB Fiscal board seat, be vice chairman and go on doing work at the financial institution, largely to simply call on customers. He owns about 29 p.c of the company’s shares (Ticker: FBK) , a stake that is value more than $450 million. Which is a much cry from the mid-‘80s, when he and a business associate purchased the former Farmers State Financial institution in Scotts Hill. Two decades later on, they purchased Initial National Financial institution of Lexington and altered the blended bank’s title to FirstBank.

“Jim Ayers has been and will carry on to be an monumental existence at FirstBank,” President and CEO Chris Holmes claimed. “With Stuart McWhorter’s encounter in company and leadership and his 12 decades on the company’s board, he is an best chairman for us, and we anticipate the transition to be seamless as we go into the new calendar calendar year.”