Congressional Bancshares of Bethesda, Md., has promoted to chief executive the former president of its Congressional Bank subsidiary.

Jeff Lipson, who joined Congressional as president roughly a year ago, will take up the mantle of CEO, the $417 million-asset holding company announced Monday. Former CEO John Lane, who co-founded Congressional in 2003, will take on the role of vice chairman of the board of Congressional Bancshares.

"When we brought Jeff in as President of the bank just over a year ago, we were hopeful he would become my successor over time," Lane said in a press release. "He has exceeded our expectations and I am excited to have the ability now to focus my energies on key strategic initiatives of the bank and holding company."

Before joining Congressional, Lipson was treasurer and senior vice president at CapitalSource (CSE) in Chevy Chase, Md. He has also held senior finance positions at other companies, including FleetBoston Financial and Bank of America (BAC).

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