Heritage Financial in Olympia, Wash., has outlined a succession plan for CEO Brian Vance, who is retiring.
Jeff Deuel, who has served as president and chief operating officer of Heritage Bank since 2012, will succeed Vance as CEO of the bank, the $4.7 billion-asset company said Monday. Deuel was also named president of Heritage Financial.
Vance, who has worked in commercial banking for 46 years, will remain as CEO of Heritage Financial until July 2019. He will then become executive chairman.
Vance will work closely with Deuel during the transition, the company said.
“Taking a methodical and thoughtful approach to this transition was important to us,” Vance said in a press release. “We wanted to ensure that our customers, our shareholders and our dedicated, hardworking employees would not experience any notable day-to-day change in the direction of the bank.”
Bryan McDonald also has been promoted to COO and will work closely with Deuel on strategic initiatives, the company said. He was president of Whidbey Island Bank, which Heritage bought in 2014.
Heritage has been an active acquirer since the financial crisis, buying eight banks since the beginning of 2010. It completed its purchase of Premier Commercial Bancorp this month.