Millbury Savings Bank has named Robert J. Morton its first new president in more than two decades.

At its recent annual and board of trustees meetings, the bank appointed Morton president and chief operating officer. He succeeds previous president William J. Walsh who will remain chief executive officer until his planned retirement in January 2015.

Morton was previously the bank’s executive vice president and senior loan officer. He has been in banking for more than 25 years, the last 14 of which he worked for Millbury Savings. Prior to joining Millbury Savings, Morton was vice president and commercial loan officer at Bay State Savings Bank and assistant vice president and commercial loan officer at Shawmut Bank, both in Worcester.

He is a board member of Worcester Business Development Corp. and Worcester State University Foundation, a corporator of the American Red Cross of Central Massachusetts and a member of both the Swing for Wishes Golf Committee benefitting the Make-A-Wish Foundation and the Worcester Economics Club.