CommunityOne announces departure of CEO Brian Simpson

Charlotte-based CommunityOne Bancorp said Friday that CEO Brian Simpson is leaving the bank holding company he helped return to profitability.

Simpson, 51, has led the lender for three years. CommunityOne President Bob Reid, 58, is expected to take over as CEO.

Simpson became CEO when the holding company still went by the name FNB United Corp. and was headquartered in Asheboro.

FNB United changed its name to CommunityOne Bancorp last year after it completed the merger of its two banks, Granite Falls-based Bank of Granite and Asheboro-based CommunityOne Bank, as part of an effort to help it return to profitability.

CommunityOne Bancorp was the last lender based in the Charlotte area still part of the federal bailout of the financial system. U.S. taxpayers pumped $51.5 million into then-FNB United in the wake of the financial crisis.

The recent second quarter marked the fourth profitable quarter in a row for the lender, which has struggled to become profitable since the crisis.

Simpson's last day as CEO will be Sept. 30.