River Valley Community Bank (RVVY) in Yuba City, Calif., is set to have a new chief executive.
The $166 million-asset company said Tuesday that John M. Jelavich, its president and chief operating officer, will succeed John I. Jelavich as CEO on April 1. The retiring Jelavich will remain a consultant this year and will remain on the bank's board for "an indefinite period beyond that," the company said in a press release.
River Valley said it had been working on succession planning for more than a year.
The departing Jelavich "has been a very strong leader, not only having the vision for the formation of the bank [and] his execution of the start-up business plan, but importantly his management of the bank through extremely challenging times," Gary Thiara, River Valley's chairman, said in the release. "The board is grateful for his contributions to the bank and his distinguished tenure as CEO over the last eight years."