Merchants Bank of Bangor in Pennsylvania has tapped its chief operating officer, Tracey Smith, to become chief executive next year.
The $355 million-asset bank's board chose Smith on the recommendation of outgoing CEO Anthony Biondi. Smith will begin in the role on July 1, when Biondi will retire.
"The board has been focused on CEO succession planning for some time and Anthony has done an exceptional job coaching Tracey Smith for the position," Richard Hotchkiss, chairman, said in a news release.
Smith has been COO since April 2013. Previously, she was senior vice president of retail banking. She joined Merchants Bank in 2002.
Biondi has been CEO since 2004. Following his retirement, Biondi will remain a director of the bank and its holding company, MNB Corp., until April 2017.