Succession planning

The $359 million-asset Merchants said in a press release Friday that Rocco Del Vecchio will succeed Anthony Biondi as chief executive on Aug. 22. Biondi is retiring after 12 years on the job.

CNB Financial in Clearfield, Pa., has picked a veteran director to be its next chairman, the sixth in the company's 32-year history.

Mercantile Bank and Dime Community recently outlined plans for their CEOs' retirements, while Cullen/Frost made the transition earlier this year. Each transition is anchored in a belief that success hinges on turning day-to-day operations over to a trusted lieutenant.

NexTier Bank in Butler, Pa., has tapped its chief operating officer as its next leader.

SouthCrest Financial Group in Woodstock, Ga., has found a new leader after his predecessor departed eight months ago.

A BB&T unit that finances power equipment has a new president.

While some institutions find it sensible to appoint chief operating officers to assist the CEO or as part of a succession plan, many others increasingly choose to go without a COO.

On top of running a bank’s day-to-day operations, chief operating officers particularly at smaller banks play the additional role of CEO-in-waiting.

The former C1 Financial chief, expected to play a critical role at Bank of the Ozarks, resigned just a week after his company's sale. Thanks to a lengthy noncompete, it could take years to determine his next move.

Banks must come to grips with the fact that adapting to the industry's transformational changes means having new faces in the corporate suite.

FirstBank Holding in Lakewood, Colo., will have a sole chairman after one of its co-founders announced plans to step down.

Umpqua Holdings in Portland, Ore., will have a new chief executive in 2017. The company said Monday that Ray Davis, 67, will step down as president and CEO, effective Jan. 1. Davis, who will become executive chairman, will be succeeded by Cort O'Haver, who was named president of Umpqua Bank in April.

Tim Sloan, president and COO at Wells Fargo, is widely viewed as next in line to take over as CEO of the bank. He discussed the speculation — as well as energy lending, credit standards, living wills and a number of other topics — in a recent interview.

It's tough enough for people to rise to the top once in life. Getting there twice is harder still. Here are some notable examples of executives from that select, latter group.

John Garbarino will step aside as chairman of the $4.2 billion-asset company on Dec. 31, but he will turn over the job to a familiar face — Christopher Maher, who will remain president and chief executive, also.

Kelly King promised "additional announcements later this year" tied to long-term succession planning, and it was initially unclear if he was referring to his own retirement plans. BB&T later said that King would be CEO for the "foreseeable future."

The Office of the Comptroller of the Currency on Monday named Bryan Hubbard as the new deputy comptroller for public affairs.

As more fintech companies seek bank charters in the U.S., acquiring a community bank is one potential option.

The $1.6 billion-asset company said in a press release Thursday that Anders Tomson will succeed Ronald Bentley as its CEO at the end of the year.

JPMorgan Chase shareholders should support a proposal to consider an independent chairman, proxy adviser Glass Lewis & Co. said.