Franklin Financial Services Corp. has kicked off a succession plan at its subsidiary bank F&M Trust Co. by hiring a new president who plans to add CEO to his title, likely in 2016.
The Chambersburg company named Timothy Henry, who has 33 years of banking experience, president of the bank effective Feb. 1. The move paves the way for the retirement of William Snell Jr., who has been the bank’s president and CEO since 1995.
Snell will keep the CEO title for about six months once Henry joins F&M Trust. After that, he will retire from the bank, according to company spokesman Matt Weaver, and be involved with the bank on a consulting level. He also will retain his seat on the company’s board of directors, Weaver said.
Snell was traveling Friday and unable to comment.
Henry has been working in the northern Maryland area since 1997, but he’s no stranger to the midstate banking scene. He started working in Harrisburg in 1986 with Maryland National Bank before moving in 1991 to Fulton Financial Corp. in Lancaster County. He was transferred by Fulton to Maryland in 1997.
He has been senior vice president and commercial executive in Washington County, Maryland, for Susquehanna and BB&T banks since 2013. He’s also had experience as the top executive at a bank, having held the CEO role at Centra Bank in Maryland before it was acquired.
“I believe my experience has prepared me to lead such a great company,” Henry said.