The Bank of New Mexico said that its chairman and chief executive will switch roles at the beginning of next year.

Ronald Williams will retire as CEO of the $164 million-asset bank in Grants, N.M. At that time, Williams will become chairman.

Clemente Sanchez, now chairman, will succeed Williams as CEO.

Williams has been president and CEO since he joined the bank in 2007. Sanchez, who has been a state senator in New Mexico since 2012, has been a Bank of New Mexico director since 2008 and chairman since last year.

After he's named CEO, Sanchez plans to resign from his position as director of the New Mexico State University's Small Business Development Center in Grants.

Bank of New Mexico's holding company, First Bancorp. of Durango, also owns the $474 million-asset First National Bank of Durango.

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