The board of Nashville Bank & Trust has named Tom Stumb CEO, replacing Don Thurmond, who will stay on as the bank's executive chairman.

Officials at the four-year-old bank say the move is part of a succession plan that has been drafted over the past year. In a statement, Thurmond said he will remain "actively involved in an executive capacity."

"We intend for Nashville Bank & Trust to have a long history, and an orderly and planned transition of management duties is essential to fulfilling this mission," Thurmond said.

Nashville Bank & Trust, which has a private-banking focus, finished the first quarter of this year with $132 million in assets and a profit of $171,000. In the previous 12 months, it grew from $120 million in assets and earned $1.1 miliion.

Separately, the bank also added three locals to its board. Joining are Stanley Ezell, Andrew May and Chris Whitson.

Ezell is the former president of Purity Dairies, where he worked for more than 25 years. May is a portfolio manager at Jefferies Asset Management and a former director of research for J.C. Bradford & Co. Whitson is a partner at law firm Sherrard & Roe, where he has practiced since 1997.