New Canaan, Conn.-based Bankwell Financial Group Inc. named Penko Ivanov CFO and executive vice president of the company and unit Bankwell Bank, effective Nov. 9. He replaces Ernest Verrico Sr., who is set to retire Jan. 31, 2017. Verrico will serve the company in an advisory role until his retirement.
Josephine Iannelli was named executive vice president, CFO and treasurer of Bar Harbor Bankshares and unit Bar Harbor Bank & Trust, effective October. 23. The Bar Harbor, Maine-based company’s interim CFO, Bradford Kopp, will continue to serve as CFO until such date.
Prior to this appointment, Ms. Iannelli served as Senior Executive Vice President and Chief Financial Officer of Berkshire Hills Bancorp, Inc. (“Berkshire”), having previously served Berkshire as Executive Vice President, Chief Financial Officer since January 2014. She was the principal financial and accounting officer of Berkshire, having joined as Senior Vice President, Chief Accounting Officer in March 2013. Previously, Ms. Iannelli had senior accounting policy responsibilities at several banks, including PNC Financial, National City Corporation and KeyCorp.
Iannelli is a graduate of Baldwin Wallace University, and began her career with KPMG Peat Marwick in Cleveland.
(Philadelphia, PA) Alan J. Kaplan, Founder & CEO of Kaplan Partners, was the commencement speaker today for the 2016 Graduate Graduation Ceremony for the Temple University Fox School of Business. Kaplan, a member of the Dean’s Council of the Fox School of Business, is a 1990 MBA graduate of Temple’s business school.
Kaplan’s commencement remarks highlighted lesson’s learned from his 29 years in the senior executive talent industry, and focused on three themes: The soft stuff is the hard stuff; relationships matter; and reputation and integrity are everything.
The Fox School of Business conferred 195 graduate degrees during this season, including MBA, Executive MBA, Master of Accountancy and Master of Science degrees. There were also 12 Ph.D. degrees conferred. Over 400 graduates and guests attended in person.
INDIANA, PA — First Commonwealth Financial Corporation (NYSE: FCF) today announced the hiring of Brian G. Karrip as Executive Vice President and Chief Credit Officer for First Commonwealth Bank. In this role, Mr. Karrip will report directly to T. Michael Price, President and CEO of First Commonwealth Financial Corporation, and will serve as a member of First Commonwealth’s executive leadership team. Mr. Karrip will join First Commonwealth on September 19, 2016.
In his new role, Mr. Karrip will oversee all the credit functions within the bank, including credit policy and administration, and will manage commercial and retail credit risks. Mr. Karrip will also manage back-end credit processes, including the collections and loan workout areas.
“I could not be more pleased to welcome Brian Karrip to the First Commonwealth team,” Price said. “I am confident in Brian’s stewardship of our credit culture based on his extensive experience in capital markets, middle markets and consumer lending as well as his credit discernment and oversight. Brian has a proven track record and brings a diverse, forward-thinking perspective to our bank.”
In accepting the position as Chief Credit Officer, Mr. Karrip said, “I am excited to join the leadership at First Commonwealth Bank. First Commonwealth has a long tradition of supporting its communities and markets. I am looking forward to working with the team and serving our customers.”
Prior to joining First Commonwealth, Mr. Karrip served as Executive Vice President, Specialized Lending for FirstMerit Bank. In this capacity, Mr. Karrip managed a team of 100+ employees and focused on the strategic development and day-to-day operations for seven lines of business. Mr. Karrip’s financial services career also includes 16 years with National City Bank where he held a variety of roles primarily focused on the commercial lending division and served as Regional President of Michigan and Illinois. Prior to joining FirstMerit Bank, Mr. Karrip served as Managing Director and Group Head of Loan Syndications and Sales at KeyBanc Capital Markets. A native of Grand Rapids, Michigan, Mr. Karrip earned his bachelor’s and master’s degree in Business Administration from the University of Michigan.
First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a financial services company with $6.7 billion in total assets and 109 banking offices in 17 counties throughout western and central Pennsylvania and central Ohio, as well as a Corporate Banking Center in northeast Ohio and mortgage offices in Stow and Dublin, Ohio. First Commonwealth provides a full range of commercial banking, consumer banking, mortgage, wealth management and insurance products and services through its subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency.
Lebanon, NH – Mascoma Savings Bank announced today that Clayton Adams will succeed current President and CEO Stephen F. Christy upon Christy’s previously announced year-end retirement following nearly 27 years in the leadership role.
“In selecting the Bank’s new President and CEO, the Board’s first priority was to find the right person to capably carry forward the values of Mascoma Savings Bank as they relate to our customers, our employees, and our communities,” stated Board Chair Gretchen Cherington. “After a highly successful and storied tenure under the leadership of Steve Christy, the Board also looked for someone who can guide us strategically in an increasingly demanding banking environment, ensuring Mascoma’s continued success in the future. Finally, we looked for that special individual who can successfully navigate this significant transition in leadership. Clay Adams is uniquely capable in all these regards.”
The announcement of Christy’s successor follows an intensive six-month search by Mascoma’s Board of Directors, with the assistance of executive search firm Kaplan Partners of Philadelphia, Pennsylvania. The Board’s search spanned the Northeast region, and ultimately circled back, ending close to home with the selection of local business leader Clay Adams as the first choice. Adams has been a member of the Mascoma Savings Bank Board of Directors since 2011, and presently chairs the Bank’s Strategic Planning Committee, as well as its wealth management subsidiary, Mascoma Wealth Management, LLC, and the Mascoma Savings Bank Foundation.
Outgoing CEO Stephen Christy shared his enthusiasm with the Board’s selection as well. “I commend the Board of Directors on its outstanding selection of Mr. Adams as the next steward of Mascoma Savings Bank. I am extremely pleased that the next CEO is someone already living in, committed to, and deeply involved in the communities that the Bank serves, and that he is someone already associated with the Bank, who understands its mission and its mutual form of ownership. Mr. Adams has demonstrated exceptional corporate leadership and caring for his co-workers in his prior work at RSG and Simon Pearce, as well as several nonprofits. I am excited at the prospect of Clay Adams leading Mascoma into the future.”
According to Mr. Adams, “The opportunity to serve as Mascoma’s CEO is a real honor, and following in Steve Christy’s footsteps is humbling. He and Mascoma’s leadership team have built an institution that is part of the fabric of the community. As a mutually owned bank, our mission is to serve our community, helping families and businesses improve their economic standing. I look forward to continuing to fulfill this mission. Community banking, like many industries, must constantly evolve to serve customers, respond to a changing regulatory environment and incorporate new technologies. This part of the job is what makes it both challenging and exciting.”
Adams is expected to join the Bank’s management team in the fall, and will work closely with Christy during the final months of the year before assuming the position of President and CEO on January 1st, 2017.
A Norwich, VT resident, Adams is currently CEO of Simon Pearce, a manufacturer and distributor of handcrafted glass products, which he joined as CEO in 2012. Previously he served for a decade as chief operating officer and then chief executive officer with RSG, Inc., a White River Junction-based consulting firm that provides strategic insights for Fortune 500 and public sector clients through advanced data modeling, market research and forecasting. During his tenure at RSG, the company was honored among the Best Places to Work in Vermont for many years.
Earlier in his professional career, Adams was with Mercer Management Consulting in Boston; Putnam, Hayes & Bartlett, an economic consulting firm in Washington, D.C., and Booz, Allen & Hamilton, a consulting firm, also in Washington. Adams holds a MBA from the Amos Tuck School at Dartmouth College in Hanover, NH, and a bachelor’s degree in government and environmental studies from Dartmouth. He also completed specialized coursework at Harvard Business School of Executive Education.
Always active in his community, Adams is a board member of the Montshire Museum of Science and the LoveYourBrain Foundation, a nonprofit organization whose mission is to improve the quality of life of people affected by traumatic brain injury. He is also a corporation member of Mt. Ascutney Hospital in Windsor, VT, and a member of the Vermont Community Foundation. He is one of several Vermont business leaders chosen by Congressman Peter Welch to serve on the Business Advisory Council, which provides guidance on economic and regulatory issues.
“As a Board, this is the most important decision we will make for many years to come. As difficult as it will be to say goodbye to Steve, we are thrilled to welcome Clay as our next President and CEO,” concluded Cherington.
Headquartered in Lebanon, New Hampshire, Mascoma Savings Bank is a $1.4 billion mutually owned bank established in 1899 with 27 branch locations in western New Hampshire and eastern Vermont, and two loan production offices in Vermont. The Bank also offers investment services through Mascoma Wealth Management, LLC and insurance products through its wholly owned subsidiary, Centurion Insurance Group. In 2013 the Bank formed Mascoma Community Development, LLC to help raise capital, facilitate loans, and support community development throughout Northern New England.
Kingston, NY William C. Calderara has been named as Ulster Savings Bank’s new President and Chief Executive Officer, the bank’s Board of Trustees announced today. Calderara will begin his new role with Ulster Savings Bank on June 27th, and succeeds Glenn B. Sutherland, who has served as President and CEO since May, 2015. Calderara, comes to Ulster Savings with more than 25 years of banking experience, most recently from Naugatuck Valley Savings and Loan in Connecticut as President and CEO.
“Bill was selected by the Ulster Savings Board of Trustees and President and CEO Sutherland for his banking acumen and his expertise in, and commitment to, community banking,” said Ann M. Marrott, Chairman of the Board of Trustees. “He recognizes the importance of Ulster Savings and other community banks’ vital contributions to our regional economy and local businesses, our residents, and our communities’ nonprofit organizations.”
“Bill’s extensive background in banking and the success he’s earned in the industry will make him a tremendous asset to lead Ulster Savings Bank into the future,” said retiring President Glenn Sutherland. Calderara previously served as Chief Lending Officer of Newtown Savings Bank, and subsequently joined Naugatuck Valley as CEO in September 2012.
Originally from Mount Vernon, New York, Calderara received his education at Fordham University and Iona College, graduating with his bachelor’s degree in business after double majoring in accounting and computer science from Iona. Calderara and his wife, Patti, are the parents of three adult children.
WILMINGTON, Del., WSFS Financial Corporation (NASDAQ:WSFS), the parent company of WSFS Bank, today announced that Dominic C. Canuso will join the company as Executive Vice President and Chief Financial Officer effective June 13, 2016.
Mr. Canuso most recently served as Senior Director of Finance at Barclaycard US and prior to that served as Director of Finance and Corporate Planning, Strategy and Analysis at Advanta Corporation. Prior to joining Advanta, Mr. Canuso served as a Strategy, Finance and Economic Consultant for Arthur Andersen LLP.
“Dominic is a progressive, strategic, broad-based finance executive with the ability to significantly contribute to WSFS’ commitment to high-performance,” said Mark A. Turner, President and CEO of WSFS Bank. “We are excited to welcome Dominic to the WSFS Bank leadership team.”
As a member of the senior management team at Barclaycard, the fastest-growing top 10 credit card issuer in the United States, Mr. Canuso was responsible for corporate and business forecasting, planning and analysis (FP&A), balance sheet management, strategic planning and business performance analysis. In addition, he designed and led governance around the creation of a new deal approval process and committee which analyzed and evaluated acquisition and partnership opportunities. Throughout his tenure, Mr. Canuso has gained comprehensive and diverse experience in finance, forecasting, marketing, investment optimization and decisioning.
“I am extremely excited and honored to be joining a team with such a breadth of experience, spirit of innovation and culture of collaboration,” said Mr. Canuso. “The unwavering focus on Associates, Customers, Community and Owners is exemplary and I look forward to supporting the organization on its continued journey of high-performance.”
A Philadelphia, Pennsylvania, native, Mr. Canuso is a 1998 graduate of Villanova University. He earned his Executive MBA from Villanova University in 2006. Mr. Canuso is a charter holder and member of the Chartered Financial Analyst (CFA) Institute. Mr. Canuso resides with his family in Delaware County, Pennsylvania.
Rodger Levenson, who was previously WSFS’ Chief Commercial Banking Officer and for the last 13-months has served as interim Chief Financial Officer, will continue in his role as Executive Vice President, Chief Corporate Development Officer. Mr. Levenson will lead cross-functional teams that evaluate, negotiate and integrate mergers, acquisitions, divestitures and large capital transactions with an emphasis on growing WSFS’ fee revenues. Mr. Levenson joined the WSFS Executive Team in 2006 and has over 25 years of experience in senior level leadership positions.
Steve Clark, currently Senior Vice President, interim Chief Commercial Banking Officer since March 2015, will permanently assume the role of Executive Vice President, Chief Commercial Banking Officer. Mr. Clark has been with WSFS since 2002 in several leadership roles; prior to 2002, he spent 23 years in various commercial banking positions at PNC Bank and its predecessor companies.
About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest, locally-managed bank and trust company headquartered in Delaware and the Delaware Valley. As of March 31, 2016 WSFS Financial Corporation had $5.7 billion in assets on its balance sheet and $13.1 billion in fiduciary assets, including approximately $1.2 billion in assets under management. As of March 31, 2016, WSFS operates from 63 offices located in Delaware (44), Pennsylvania (17), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Christiana Trust, WSFS Wealth Investments, Cypress Capital Management, LLC, Cash Connect®, WSFS Mortgage and Arrow Land Transfer. Serving the Delaware Valley since 1832, WSFS Bank is the seventh oldest bank in the United States continuously operating under the same name
Trevose, Pa.-based TruMark Financial Credit Union named Steven Olson Chief Lending Officer, effective April 20th. Olson joins TruMark from National Penn Bank, where he served as executive vice president of consumer lending. Olson began his career with National Penn in 1988, and has overseen a variety of consumer lending areas throughout his career.
Olson is a graduate of Millersville University, and a member of the Class of 2000 of the ABA Stonier Graduate School of Banking.
Radnor, PA-based Storeroom Solutions, Inc., a provider of supply chain management services, today announced the hiring of Robert Larney as Chief Financial Officer (CFO).
“Bob has extensive financial and operational experience with global companies in the manufacturing and service sectors,” said Carlos Tellez, President and CEO of Storeroom Solutions. “He has a firm understanding of the type of company we are now and what we are striving to become.”
Previously, Larney served as interim CEO and CFO for Philadelphia-based CDI Corporation, a $1.2 billion staffing and engineering company with more than 10,000 employees across the U.S., Canada, Mexico, the United Kingdom and Australia. Earlier in his career he worked as a Plant Cost Accounting Manager for FMC Corp’s Industrial Chemicals Group.
“His broad experience at both the corporate and plant level certainly adds value to our company and our customers,” Tellez said. “We’re excited that he is joining the team.”
Storeroom Solutions provides comprehensive supply chain, asset and technology management services to companies throughout the United States, Puerto Rico, Canada, Mexico and Singapore, improving plant reliability and overall maintenance effectiveness. Services include Storeroom Operations, Inventory Management, Strategic Sourcing and Procurement, CMMS, Asset Services, Master Data Leadership™, maintenance reliability and more. www.storeroomsolutions.com.
Fleetwood Bank, a Berks County-based community bank with assets of more than $230 million, has named Timothy P. Snyder as President. Snyder succeeds Richard L. Meares, who will continue to serve as CEO until he retires in January.
Snyder was most recently with National Penn Bank, where he was senior vice president-director specialized banking services. He led a team that developed cash management, government banking and international and merchant services. Snyder said it’s an exciting time to be involved in community banking, as so many local banks are being bought up by larger, out-of-town banks.
“As you look at the landscape, local banks are changing,” he said. “A lot of the longtime local banks aren’t going to exist anymore.” He noted that at one time there were 22 banks headquartered in Berks County; now there is only one: Fleetwood Bank. He said that makes leading such a bank an important job, he said.
“Taking on this job for a bank that has been operating successfully for over 82 years is a great responsibility,” Snyder said. “I look forward to the challenge and to finding new ways to improve service to our customers, employees, shareholders and the community.”
Based in Fleetwood, the bank has five branch locations and two loan centers. Snyder is a graduate of local Muhlenberg High School, and his family ties to Berks County go back several generations. Snyder currently resides in Blandon. He is a volunteer and board member for the United Way of Berks County, South Central Transit Authority, Opportunity House and Penn State Berks Campus.