Provident Financial Holdings in Riverside, Calif., has lined up its next CEO.
The $1.3 billion-asset company said in a press release that Donavon Ternes will succeed the retiring Craig Blunden on Jan. 1. Blunden will remain chairman.
Ternes is the company’s president, chief operating officer and chief financial officer. He will remain president following his promotion.
Provident said it will conduct a search to hire a new CFO. There are no plans to hire a new COO.
“Management succession is a significant responsibility of the board … and reflects many years of thoughtful consideration about the future leadership of Provident,” Blunden said in the release.
“We are confident that Provident, with Donavon’s leadership and the remarkable abilities of his colleagues, will continue our community banking focus which is conservative, and easily understood, and has served our local customers and communities very well,” Blunden added.