The longtime CEO of Oconee Federal Financial in Seneca, S.C., is handing the reins to his son.

Curtis T. Evatt, Oconee's president and chief financial officer, will succeed T. Rhett Evatt as CEO of the $484 million-asset holding company and Oconee Federal Savings and Loan Association on Jan. 1.

"I'm certainly honored to follow my father as CEO and by the trust that the board has in me," Curtis Evatt, who will remain president and CFO, told American Banker on Wednesday.

T. Rhett Evatt, 88, will become executive chairman of the bank on Jan. 1. He has worked at Oconee since 1960 and has been CEO since 1983.

Curtis Evatt started working full time at the bank in 1994 in compliance and information technology. He was first named CFO in 2010, a position he held until he was named president in 2014. He returned to the CFO role in March.

The company's focus is on residential lending, the younger Evatt said.

"We want to be the premier residential lender in our markets," he said.

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