Banking veteran Lance A. Sellers has been tapped to succeed Tony W. Wolfe as the next President and Chief Executive Officer of Peoples Bancorp of North Carolina, Inc, and Peoples Bank, the holding company’s primary subsidiary. Sellers has been associated with the banking industry in North Carolina for the past 28 years. He joined Peoples Bank in 1998 as Senior Vice President, Credit Administration and has since served in other executive credit positions with the Company. In 1999, Sellers became the Company’s Chief Credit Officer and assumed responsibility for the entire lending portfolio. He becomes the 10th President and Chief Executive Officer in the 100-year history of Peoples Bank. The transition became effective November 1, 2012.

In making the announcement, Board Chairman Robert C. Abernethy commented, “Peoples Bank has been very fortunate to have a talented and dedicated team of senior executives. They have served the Bank, community, and our shareholders very well. Lance is a big part of that team’s success. The board is pleased to have a leader with his qualities and abilities to serve as our new chief executive.”

Retiring Peoples Bank President Tony W. Wolfe stated that he was delighted with the Board’s choice of Lance Sellers. Wolfe noted that Sellers possesses a genuine feel for both commercial and retail banking and is respected by our customers and employees.

Sellers is a graduate of UNC Chapel Hill with a Bachelor of Science degree in Business Administration. He recently completed the Leadership Effectiveness Workshop at the UNC Kenan-Flagler Business School and the North Carolina Bankers Directors College. He and his family live in Catawba County. They are members of Holy Trinity Lutheran Church in Hickory where he has served as the president of the church council. He has served in many community organizations including the Family Guidance Center Board.

Sellers responded by saying, “I am honored to serve in the position as the Company’s 10th President. Peoples Bank has a 100-year heritage as a strong community bank. It is a real pleasure to have the opportunity to build upon our strengths to cultivate our future successes. I look forward to working with the Board of Directors to increase value for shareholders, customers and employees.”