Franklin Savings Bank in Franklin, N.H., has tapped its chief operating officer to succeed Jeffery Savage, when he retires as CEO next year.
The $410 million-asset mutual thrift promoted Ronald Magoon to president and COO on Dec. 16. Franklin also approved Magoon as the successor to Savage, who plans to retire in late 2016.
After Magoon's promotion, Savage will remain CEO and a bank director until his retirement.
Magoon has worked for Franklin since 1988, when he joined as assistant treasurer and controller.