Village Bank and Trust Financial Corp. announced the appointment of William G. Foster, Jr. as President of the company and its wholly-owned subsidiary, Village Bank (the 'Bank'). Mr. Foster was appointed on August 6, 2013, effective August 19, 2013.

The company said that Thomas W. Winfree, the current President and Chief Executive Officer, notified the company of his retirement. Mr. Winfree's retirement as President of the company and the Bank is effective immediately, and he will continue to serve as Chief Executive Officer for a period of six months, at which point Mr. Foster is expected to become Chief Executive Officer. The company said when and if Mr. Foster becomes Chief Executive Officer of the company and the Bank, he also will be appointed as a director of the company and the Bank, subject to regulatory approval.

Mr. Foster had served as Senior Vice President and Chief Credit Officer of the company since March 2012. Prior thereto, he served as an independent consultant focusing on business restructuring, turnaround and strategic planning.