The First Bancorp (FNLC) in Damariscotta, Maine, announced that its chief executive is retiring early next year and will be replaced by its chief operating officer.

When Daniel Daigneault retires in 2015, he will have served as CEO for the First Bancorp and its wholly-owned subsidiary, the First, for nearly 21 years. He would be the longest-tenured CEO in the bank's 150-year history.

Tony McKim, currently the First Bancorp's COO, will be Daigneault's successor. McKim joined the company when it merged with FNB Bankshares nine years ago.

"Tony brings a wealth of experience to the table and has played a major role at the bank for a number of years," said David Soule, chairman of the First Bancorp's board, in a press release. "The board has been focused on succession planning for some time now, and we are confident that Tony will provide the leadership and strategic direction needed to build on our many successes of the past 20 years."

During Daigneault's tenure, the bank's total assets have risen from $200 million to $1.5 billion. The First Bancorp has also grown from four to 16 branches throughout Maine.

Over the past 20 years, the company's market capitalization has increased 1,500%, to $186 million at December 2013.

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