KITTANNING — Richard J. Krauland, CEO and president of NexTier Bank, will retire this year. He will stay on until his successor is hired.

The bank is initiating a search and expects to consider both internal and external candidates, the bank announced this morning.

Krauland has been the CEO since 2005 and has spent more than 40 years in the financial services industry.

“This is purely a personal decision. My father passed away when he was 63 years old, and I will be turning 63 this year,” said Krauland in the release.

“In 2005, when I joined the Farmers National Bank of Kittanning, it had three locations and about $150 million in assets.

“Our industry has lived through the so-called Great Recession, historically low interest rates, and major increases in the regulatory burden. Despite all of that, we have grown our bank nearly eight times over.”

Mark Snyder, a principal at Snyder Associated Companies and NexTier board member, said, “His leadership and vision helped us create one of the fastest-growing and well-run banking institutions in Southwestern PA.”

NexTier, which has its corporate office in Kittanning, includes NexTier Bank, NexTier Wealth Management, and ESS NexTier Insurance.

It has 26 offices in Allegheny, Butler and Armstrong counties.

It has total assets of $1.15 billion.