William “Bill” Alverson has announced that he will retire at the end of the year as chief executive officer for Traditional Bank, which expanded into Frankfort in 2018.
The Traditional Bank board of directors announced that Andy Baker will succeed Alverson as CEO. Baker joined the bank in 1985 and has served the bank as president and chief operating officer since 2009, as well as serving as vice chairman of the board and its parent company, Traditional Bancorporation Inc. Daniel Mason has been named president of Traditional Bank. Mason joined the bank as chief lending officer in December 2010. Baker and Mason will assume their new roles on Wednesday.
Alverson will remain on the Traditional Bank board of directors and will continue to serve the bank in a business development role through 2020.
Alverson, a Paris resident, began his financial career in 1984 with Citizen’s Union Bank in Lexington. He first joined Traditional Bank in 1986. Alverson left in 1991 but continued to work in banking. He returned to Traditional Bank in 1999 to help guide the bank’s expanding Central Kentucky market, was promoted to president in 2009 and named CEO in January of 2015.
“If I were to choose three words to best describe Bill’s management style they would be humble, caring and driven – with an equal measure of each,” Baker said. “You won’t find a CEO who genuinely cares more about their employees, customers and community than Bill. I believe it is that authenticity that draws people to him, and makes him so successful at building and maintaining customer relationships. We all feel very fortunate that Bill has agreed to support our business development efforts on a part-time basis in the coming year.”
Traditional Bank has achieved significant growth throughout Alverson’s time in leadership, the bank said in a news release, citing a successful entry into Frankfort in the fall of 2018, an effort he personally guided by relocating his office to the capital city.
He began serving as president under CEO Bill Bramblet when the bank’s asset size was approximately $920 million. Working with Bramblet, Baker and other management members, he has led the bank to an asset size of approximately $1.7 billion with 16 branches in six Kentucky counties.
Bramblet, who now serves as chairman of the board, said, “Bill is never one to take credit for his accomplishments, preferring instead to shine a light on those around him. But our bank could not have achieved the growth we’ve seen in central Kentucky were it not for his his passion for business development and his ability to make genuine, personal connections with people from all walks of life.”
“Bill takes to heart his role as a community banker, in the truest sense of the word,” said Bramblet. “He believes in our bank and is excited to help it grow. However he also cares deeply about reinvesting time and energy back into the cities and towns we serve in order to make them stronger.”
Alverson's philanthropic and civic service includes board terms with REACH INC., Lexington Hearing and Speech Center, YMCA, Kentucky Tourism Development Finance Authority, Girl Scouts Wilderness Road Council, Paris Bourbon County Economic Development Authority, Home Builders Association of Lexington (now Building Industry Association of Central Kentucky), The Blanton Collier Sportsmanship Group and Central Music Academy. He currently serves on the Board of Trustees for the Teachers Retirement System of Kentucky.
Alverson is a lifelong resident of Bourbon County. He is a graduate of Paris High School, where he played football and was a member of the 1973 Class “A” state champion team. He co-founded the Paris Greyhound Football Foundation followed by the Paris Educational Foundation.
“My philosophy mirrors that of our former CEO and chairman Cliff Stilz," Alverson said. "He said in order to be successful we need to work hard, make time for fun, and treat people fairly. Cliff believes deeply in the value of doing what is right even (and especially) when no one is watching. Bill Bramblet, Andy Baker and I have always taken those words to heart and do our best to live those characteristics as the cornerstone of our culture.”
“Our success as an organization is found in our people,” Alverson said. “I can’t say it better than that.”