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.