Harleysville National Corp. in Pennsylvania, said Monday that Walter E. Daller, 65, its longtime president and chief executive officer, plans to retire from those posts March 31 but remain chairman.
Chief operating officer Gregg J. Wagner will succeed him, and chief financial officer Michael High will succeed Mr. Wagner.
Mr. Daller joined the company in 1963, has been president and CEO since 1981, and was named chairman in 2001. Under his leadership the company has made close to a dozen acquisitions and now has $2.9 billion of assets and 48 branches in 11 Pennsylvania counties. It recently consolidated its three banks under the name of its lead bank, Harleysville National Bank and Trust Co.
The company is on pace to beat the preceding year's earnings for the 28th consecutive year, Mr. Daller said in a brief interview.
Harleysville said it would take an after-tax charge of $780,000 in the fourth quarter related to Mr. Daller's employment agreement. The company earned $6.9 million in the fourth quarter of 2003.
