Bryn Mawr Bank (BMTC) in Pennsylvania will have a new chief executive at the end of this year.

The $2 billion-asset company said in a press release Friday that Ted Peters will retire on Dec. 31. Francis Leto will succeed Peters when he retires.

Leto will become the company's president and chief operating officer on May 1 in preparation for the succession. Leto, the company's general counsel, also manages Bryn Mawr's wealth management division.

An executive search committee handled the process, Andrea Gilbert, a director and chair of the committee, said in the release. The board also said it will establish a non-executive chairman position following Peters' retirement.

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