Bank of America has named Michael Lawrence, who was recently promoted to complex director for New Mexico for Merrill Lynch Wealth Management, as president for the state.

He replaces Jim Smith, who is moving to a new role at Bank of America Merrill Lynch in Chicago.

Lawrence has worked at Merrill Lynch since 2000, when he started out there as a financial advisor. He now oversees 75 financial advisors along with other employees in six offices in New Mexico.

He will work with company leaders in the region to integrate business lines and grow the bank’s business and individual customer base. He will also oversee corporate and social responsibility initiatives in the region, such as philanthropic giving, community development lending and investing, and projects covering the environment, the arts, employee volunteering and diversity efforts.

This is the third time this month Bank of America has promoted employees in its wealth business to state president roles. Earlier, Daniel Statsick, market director for US Trust in Minneapolis, was given the additional role of Minnesota state president and Minneapolis-St Paul market president. Before that Larry Otto, Midwest regional president for US Trust, was given the additional roles of Missouri state president and St Louis market president.