Succession planning

Eileen Serra, 61, the chief executive of the Chase Card Services unit, will step down in January and become an adviser to the company on growth initiatives, according to a memo Wednesday from Gordon Smith, JPMorgan's CEO of consumer and community banking.

CIT Group will pay about $60 million in severance to 14 executives who have been dismissed or left the company, as it continues to shuffle its executive lineup following its August acquisition of OneWest Bank.

Several CEOs hitting the magic age of 63 have chosen to sell their institutions, suggesting a dearth of younger executives waiting in the wings.

Cardinal Bankshares in Floyd, Va., has named a new chairman and made additional executive appointments ahead of its merger with Grayson Bankshares in Independence, Va.

First Republic Bank in San Francisco has promoted Jason Bender to chief operating officer.

The $641 million-asset mutual thrift promoted Scott Cote to chairman, according to a Friday news release.

First National Bank of Orwell in Vermont has named Bryan Young chief executive. Young, 38, will succeed his father, Mark Young, as CEO of the $56.1 million-asset bank beginning Jan. 1.

The $364 million-asset company named Steve Rownd to the positions, effective Jan. 1. Rownd will also be named president and CEO of FNB Bank.

U.S. Century Bank in Doral, Fla., has announced that its chief executive, Carlos Davila, will resign at the end of the year.

The $8.6 billion-asset company said in a press release Wednesday that James Scott will become chairman on Jan. 21.