William Young, the founding chief executive officer of Virginia Partners Bank in Fredericksburg, Va., will retire on June 30.

Young will step down after 42 years in the banking industry.

He established the $240 million-asset Virginia Partners Bank in 2007. Today Fredericksburg's hometown bank operates three full-service branches and following plans to open a fourth later this year, according to a company release.

Before opening Virginia Partners Young served as president and CEO of the National Bank of Fredericksburg and held leadership posts at the First National Bank of Maryland and Chemical Bank.

He will be succeeded by the bank's current president and chief operating officer, Lloyd Harrison 3rd.

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