FAIRBANKS -- The Alaska Permanent Fund Corp. has named a Ketchikan bank president as its new chairman of the board.

The Fairbanks Daily News-Miner reported that Bill Moran was elected chairman by fund trustees at a quarterly meeting Thursday in Fairbanks.

Moran, president of Ketchikan-based First Bancorp Inc., was recently appointed to a second term on the fund's board of directors by Gov. Sean Parnell.

Moran replaces Fairbanks businessman Steve Frank as chairman.