Bank of Washington in Missouri has put new meaning in the term family business.

Louis B. "Buzz" Eckelkamp III will be promoted from executive vice president to president of the $803 million-asset bank. He will succeed Richard Mayer, a longtime executive who is retiring Aug. 1, the bank said Wednesday.

Like a lot of executives, Eckelkamp's boss welcomed his promotion in a press release. However, unlike most banking executives his boss is … his dad, Chairman and Chief Executive L.B. Eckelkamp Jr.

"We are very pleased to announce Buzz as our next president," L.B. Eckelkamp said in reference to his son. The promotion reflects the bank's "commitment to remaining a hometown bank with deep roots in the community," L.B. Eckelkamp said.

And he could have been referring to more than his son's promotion.

Mayer plans to retire after serving as president for 21 years so he and his wife can "spend more time together as a family and with their new grandchild," L.B. Eckelkamp said. "[Mayer] will be missed."

But dad is all business. Buzz Eckelkamp and Mayer "have worked closely together over the years, and we are confident in a smooth transition," L.B. Eckelkamp said.

In other words: keep working hard, son.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.