Baker Boyer Bank (BBBK) in Walla Walla, Wash., has promoted its wealth management division manager to president and chief investment officer.

Mark Kajita will take over those roles in January, according to a Thursday press release. The bank said its president and chief executive, Megan Clubb, will hand over many day-to-day responsibilities to Kajita and work with him in a co-leadership role.

Kajita joined the $468 million-asset bank in 2003 as a portfolio manager; he was promoted to his current post in 2010. He also provides commentary on economic trends and investments for Bloomberg, CNBC and Fox Business.

Clubb, who has been at Baker Boyer for 23 years, became president in 2000 and CEO in 2002. She also serves as a director on the Federal Reserve Bank of San Francisco, a post that has taken up much of her time, Baker Boyer said.

Baker Boyer also said it had tapped Peter Allen, a sixth-generation member of the bank's founding family, to replace Kajita as wealth management division manager.

"I can enthusiastically welcome Mark and Peter to their new roles in large part because of our leadership team and great employees," Clubb said in the press release. "Along with … Chief Operating Officer Mark Hess and Banking Division Manager Lyle Hansen, the executive management team will be available to provide valued counsel. The four of us will provide continuity and a strong leadership team covering all aspects of banking and financial advising."

Baker Boyer has eight branches in Washington and one in Oregon, according to the Federal Deposit Insurance Corp.

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