The chief executive at Bank Mutual (BKMU) in Brown Deer, Wis., is stepping down after 45 years with the company.
Michael Crowley Jr. will also retire as the chief executive of the $2.4 billion-asset company's bank on July 1, the company said Friday in a filing with the Securities Exchange Commission. He will remain chairman.
David Baumgarten, the company's president, will succeed Crowley. Baumgarten, who has been Bank Mutual's president since 2010, will retain that post.
Crowley, the son of Bank Mutual's founder, has worked for the bank since 1967, according to the Milwaukee Business Journal, which first reported on his retirement.
Crowley and Baumgartner told American Banker last year that they hoped to make Bank Mutual a "much larger company" through acquisitions.