Bank of America Corp (NYSE:BAC) announced that Jeff Adams will succeed John Pitton as market president, serving as the company’s enterprise leader in Rochester effective July 1. After serving eight years as market president, Pitton will focus full-time on serving U.S. Trust client needs.
In this role, Adams will work across the region to connect businesses, families and individuals to Bank of America’s banking and investment teams. He will also lead the effort to direct Bank of America’s resources in the market and the region to addressing local priorities and help build strong communities.
“Jeff’s knowledge of the Rochester market and leadership as market president will ensure we’re helping to make our customers’ and clients’ financial lives better, through the power of every connection we can make with them,” said Brian Moynihan, chief executive officer, Bank of America.
In addition to his role as market president, Adams is the Merrill Lynch market executive of Western New York, encompassing the Rochester, Greater Buffalo, Williamsville, Batavia and Jamestown offices. Adams has been in New York since 2009, and prior to that, held leadership positions in North Carolina, Georgia, and South Carolina.
Adams is a graduate of Mississippi State University with a B.A. in marketing. He lives in Pittsford, N.Y. with his wife and three children.
Shares of Bank of America closed yesterday at $23.91, up $0.48 or 2.05%. BAC has a 1-year high of $25.80 and a 1-year low of $12.05. The stock’s 50-day moving average is $23.37 and its 200-day moving average is $23.37.
Out of the 31 analysts polled by TipRanks (in the past 12 months), 21 rate BAC stock a Buy, 9 rate the stock a Hold and 1 recommends to Sell. With a downside potential of 0.9%, the stock’s consensus target price stands at $23.70.