Shareholders of Charlotte-based NewDominion Bank voted at Tuesday to add two new members to its board as part of a strategy to add more operating business executives to its leadership and transform from a focus on real estate to a broader community bank model.
Longo acquired Carolina Business Interiors in 1993 and has grown it into a $50 million in revenue company.
“Both David and Casey possess deep roots and ties to the Charlotte area and are highly successful executives who run top notch operating companies," NewDominion CEO John Hipp said in a statement. "Their support and leadership will be instrumental as we build Charlotte’s favorite Community Bank.”
The bank has been rebuilding its management team since Hipp was brought in late in 2010. It continues to struggle with bad loans that have eroded its capital, and the bank lost $622,000 in the first quarter.
But Chief Operating Officer Marc Bogan told the Observer this week that the bank has had more loan production in the first four months of this year than in all 2011, and Hipp has predicted a return to profitability this year.