Bank of America has named Larry Otto as president of the bank's operations in Missouri and the St. Louis market.
Otto is replacing Patricia Mercurio, who will retire in October, according to bank officials. Mercurio has held the position of St. Louis president at the bank since 2000 and state president since 2001.
A Bank of America spokeswoman said Otto's appointment is effective upon Mercurio's departure.
Otto, a Clayton resident, is Midwest regional executive for U.S. Trust, Bank of America Private Wealth Management. In that role, he oversees the bank's services for high net worth individuals in Missouri, Kansas and Arkansas. He will continue in that position after taking on the new responsibilities.
As president of the bank's operations in Missouri, Otto will help integrate Bank of America's business lines throughout Missouri and oversee the bank's community development lending, diversity efforts and philanthropy.
Otto has been with Bank of America since joining a predecessor institution in 1977.
“Larry has deep roots here in Missouri and extensive financial services experience,” Bank of America CEO Brian Moynihan said in a statement. “We’re pleased to have him take on this important leadership role to integrate our efforts and better serve Missouri customers and communities."
Mercurio also oversees commercial lending for Bank of America in Missouri. Upon her retirement, Wilson Moore will oversee commercial lending for Bank of America in Missouri, in addition to Arkansas, Oklahoma and western Texas.
Bank of America is the second largest bank in St. Louis, based on market share of deposits, trailing U.S. Bank. Charlotte, N.C.-based Bank of America had 12.4 percent market share of deposits locally, according to the Federal Deposit Insurance Corp.'s annual market share summary released last year.