Peoples Heritage Financial Group has promoted Glenn H. McAllister to president of its lead subsidiary, Peoples Heritage Bank.

William J. Ryan, 54, who remains chairman, president, and chief executive officer of Peoples Heritage Financial, will relinquish the bank president's job and devote more time to the parent company, Peoples Heritage said.

Mr. McAllister, 49, assumes his new post April 2. He has been executive vice president in charge of mortgage and consumer lending at the Maine bank.

He joined Peoples Heritage in 1993 after a stint as president and CEO of Citibank New York. From 1986 to 1992, Mr. McAllister was president of Citibank Maine.

Peoples Heritage Financial's out-of-state subsidiaries include Bank of New Hampshire and Family Bank in northern Massachusetts.

Separately, the $6.8 billion-asset company said it expects to close the acquisition of $2.8 billion-asset CFX Corp. of Keene, N.H., in the first half of this year.

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.