Traditions Bancorp, Inc. (OTC Pink: TRBK) and its wholly owned subsidiary, Traditions Bank, (collectively, “Traditions”) announced that Michael E. Kochenour intends to retire as Chairman of the Board of Directors effective at the April 2023 board meeting. Mr. Kochenour is a founder of the bank and served as its original President and CEO. He retired as a bank associate in 2016. Kochenour plans to continue to serve as a Director when he stands for re-election next year.
In alignment with its executive leadership succession plans, Traditions’ current President and CEO, Eugene J. Draganosky, has been selected to succeed Kochenour as Chairman. Mr. Draganosky joined the bank and its executive team in 2008 and became a Director in April 2015 when he was named President. He was subsequently appointed as CEO in January 2017. During the past six years, Traditions has nearly doubled its asset size, steadily increased shareholder value, expanded into new markets, successfully rebranded, and established a holding company.
“Gene’s deep experience, industry knowledge, and passion for the Central PA market make him the ideal incoming Chair,” stated Kochenour. “He is a champion of our culture and core values, a strategic leader, steadfastly committed to corporate governance, and is fully prepared to assume this new responsibility.”
“Mike Kochenour has recently reached his 50-year milestone as a banker and has had a profound impact on so many throughout those decades,” shared Draganosky. “I am extremely grateful to Mike for his partnership, mentorship, and wisdom, and I am thankful for the confidence that the board has placed in me over these past seven years as we have executed on our internal succession plan.”
Concurrent with the Board Chair transition, Elizabeth F. Carson will become Traditions’ Lead Independent Director, serving as the principal liaison between the Chair and the other independent Directors. Mrs. Carson has been a Director since January 2015, has served as Vice Chair since April 2019, and is the Chair of the Governance and Nominating Committee. As a 33-year industry veteran with M&T Bank, Carson is respected and trusted by her board colleagues because of her sound judgment and effective communication skills.
Effective at its September 12, 2022, board meeting, Thomas J. Sposito II will become President of Traditions Bank and Traditions Bancorp; he will also be named a Director. Mr. Sposito joined Traditions’ executive management team in June 2020 as Strategic Revenue Officer and became Chief Banking Officer in November 2021. During his highly successful 37-year career, Sposito has been an executive officer and leader of numerous banks including prior positions as President and CEO. He has immersed himself in the Traditions Bank culture and looks forward to contributing to its ongoing success as the next President.
“As our bank continues to grow geographically, so too must our broader organizational structure to support and facilitate that growth,” Draganosky commented. “I look forward to Mike’s continued board service, and to working even closer with Elizabeth and Tom, as we further build on the vision of Mike and the other founders.”
Traditions Bank has also announced the creation of regional leadership roles to further enhance its community presence and address the business development, administrative, and strategic requirements of the bank. Three of its current leaders have assumed expanded responsibilities as newly named Regional Presidents.
In addition to her duties as President of Traditions Mortgage, Dr. Teresa L. Gregory is now President, York Region. Dr. Gregory joined Traditions Bank in January 2010 to launch the Bank’s in-house mortgage services division. Over the past dozen years under her leadership, Traditions Mortgage has grown to be one of South-Central Pennsylvania’s leading mortgage providers with a full suite of residential mortgage products and a reputation for on-time closings.
Michael A. Frey has been named President, Lancaster Region. Mr. Frey joined Traditions Bank in March 2021 as Lancaster Market Leader with the opening of its first branch at 1687 Oregon Pike. Mr. Frey brings over 30 years of leadership experience in banking and various entrepreneurial private enterprise roles. Frey will also oversee the personal banking, private banking, and wealth management areas for Traditions Bank upon the October 31, 2022, retirement of Bradley Willow, Managing Director of Personal and Private Banking.
Michael J. Bunn II now serves as President, Capital Region. Mr. Bunn joined Traditions Bank in March 2021 as Commercial Banking Executive and has over 20 years of bank leadership experience throughout Central PA. Bunn manages the commercial banking sales teams in the Lancaster and Capital Regions. His business development, credit analysis, and middle-market lending experience will help further build these expanded markets.
On October 28, 2022, Traditions Bank will celebrate its 20th Anniversary. “Looking back, it’s gratifying to think about the mark we have made on our customers, shareholders, associates, and communities over the past two decades,” added Kochenour. “Through this solid transition plan, we intend to serve our stakeholders as an independent community bank well into the future.”