James G. Schneider, chairman of Kankakee Bancorp in Kankakee, Ill., was elected to the additional posts of president and chief executive officer.
He will succeed William Cheffer, who will retire from those posts July 31.
Mr. Schneider remains chairman of the company's Kankakee Federal Savings Bank, his employer since 1954. He was its CEO from 1961 until 1990, when Mr. Cheffer took the job.
Mr. Cheffer is also retiring as president and chief executive of the bank.
David B. Cox, vice president-operations for the past eight years, will succeed him in those posts.
The two men joined the bank as messengers, Mr. Cheffer in 1952 and Mr. Cox in 1956. Mr. Cheffer will remain on Kankakee Federal's board and that of the holding company.
Michael A. Stanfa, Kankakee Bancorp's secretary, was promoted from vice president to executive vice president.
He continues as vice president and secretary of the bank as well.
Kankakee Federal, which is 108 years old, has $278 million in assets.