Mutual Bank’s Chairman and CEO Glen S. White will retire from the bank and its board in December. He will be succeeded by Executive Vice President and CFO Richard B. Spencer.

White joined the bank, then Mutual Federal Savings Bank, in 1982 as assistant treasurer and manager of retail banking. Through his 34 years with the bank, he’s held roles including vice president, CFO and executive vice president. In 2003, he became president and CEO. After the bank’s acquisition of Security Federal Savings Bank in 2006, he retained the role of CEO and was elected chairman of the board of directors.

During White’s tenure, Mutual Bank has grown assets from $106 million to more than $475 million, and it’s expanded its branch network from four to nine offices. The bank has also filled out its complement of products and services, and in 2013, it created Mutual Investment Services.

“Mutual Bank transformed and blossomed through Glen’s vision,” Ronald N. Whitney, a director who has served on the board with White for 16 years, said in a statement. “His open approach to change has made Mutual Bank an early adopter to many technology innovations that have revolutionized the customer experience. And his inclusive leadership style has created a culture that both employees and customers respond to.”

Spencer joined Mutual Bank in 2003 as treasurer and has held leadership roles in accounting, finance, operations and information technology. He was promoted to executive vice president and CFO in 2013. Prior to his banking career, Spencer worked as a senior accountant with Wolf & Co. He is a Certified Public Accountant and has a bachelor’s degree in accounting from Ithaca College and has graduated from the Stonier Graduate School of Banking.