Gov. Pat McCrory announced Monday that he has reappointed Ray Grace as North Carolina's banking commissioner, an office that comes with a four-year term.
The General Assembly still has to vote on whether to confirm the reappointment.
Grace became acting banking commissioner after Joseph Smith resigned in February 2012 to oversee the roughly $25 billion national mortgage settlement.
In March 2013, McCrory appointed Grace to serve what was left of Smith's term, which was set to end this upcoming March 31.
"Ray Grace is a tremendous asset to North Carolina's banks, and his extensive experience and past achievement are reflected in his work as commissioner," McCrory said in a statement Monday. "His continued service is greatly valued and appreciated."
The N.C. Bankers Association lauded the reappointment.
“As I travel the state, bankers continually praise the work being performed by the North Carolina Office of the Commissioner of Banks under the leadership of Ray Grace,” Peter Gwaltney, the bankers association president, said in a statement.
The North Carolina Office of the Commissioner of Banks charters and regulates North Carolina's state banks, trust companies and mortgage companies.