One of Western New York's smallest banks has named a new chief executive to succeed its longtime head as part of a planned management transition.
Alden State Bank on Wednesday promoted Steven J. Woodard to president and CEO, effective Jan. 1, 2018. He will take over from Richard D. Koelbl, who has held those titles since 1991, but will remain full-time chairman of the board. Koelbl's father, Christian, had preceded him as president and CEO from 1980 to 1990, while his brother, John, is also an executive at the bank.
Woodard, who is vice president and chief financial officer, has been with the two-branch bank for 31 years. The graduate of Liberty University and University at Buffalo will oversee day-to-day operations in his new role as only the 7th president in the bank's 101-year history.
Alden State Bank, with locations in the Village of Alden and the Town of Lancaster, has $310 million in assets.