Wayne F. Miller, the founding president of Orange National Bank, has taken another step in a long-planned transition by resigning as president and chief executive of the bank's parent company.
Miller, 62, who helped open Orange National in 1979, will remain on the board and will act as a consultant to the bank.
His departure, mapped out more than two years ago, removes one of the veteran bankers from the fast-shrinking community banking industry in Orange County. Barely a third of the 48 county banks that existed 15 years ago are still operating.
Miller is easing into semiretirement after a 35-year banking career, but plans to continue working as a consultant to small businesses, said Robert W. Creighton, the bank's executive vice president.
Under Miller, Orange National grew to six branches and more than $200 million in loans and other assets. The bank has been consistently profitable and has earned awards for its performance.
"Even though Miller will not be at the bank on a day-to-day basis, his vision for Orange National's growth has been implemented and those contributions are evident," said San E. Vaccaro, the bank's chairman.
In 1993, Miller handed over his position as bank president to Kenneth J. Cosgrove, and turned over his job as the bank's chief executive to him early this year.
The parent company, Orange National Bancorp, hasn't decided yet who will fill Miller's shoes at the holding company level, Creighton said.