On August 12, 2016, Village Bank and Trust Financial Corp. announced a restructure of the executive team responsibilities that will result in the elimination of one executive position. As a result, Raymond E. Sanders, Executive Vice President - Chief Operating and Risk Officer, will be leaving the employ of the Company as of September 30, 2016. Jay Hendricks, Executive Vice President - Chief Credit Officer, will assume broader responsibilities for enterprise risk management and operations for the company. Joy Kline, Executive Vice President - Retail Banking, will assume responsibility for the Customer Care Team and other retail related functions that have previously reported to Mr. Sanders. The Company will expand staffing in IT, Compliance, Operations, Marketing and the Customer Care Team to execute the company's strategic initiatives.