Needham Bank Board Announces Orderly Succession Plan

April 15, 2014 - PRLog -- April 14, 2014 – Needham Bank’s Board of Directors today announced a succession plan that will see long-time Chair and Chief Executive Officer Jack W. McGeorge hand off the CEO role in April, 2015, to President and Chief Operating Officer Mark Whalen, while retaining the Board Chair role.

“Orderly succession planning is the hallmark of a well run firm and this is particularly true in the financial services sector “, said McGeorge.  “At Needham Bank we are fortunate to have in Mark Whalen an experienced, highly capable individual who will build on the tremendous success we have achieved over the past decade.  I am confident he and his team will continue our growth trajectory, while never wavering on our commitment to provide customers with our hallmark of high-touch relationship driven community banking”

Jack McGeorge’s career at Needham Bank has spanned more than 38 years. He was recently elected to the Board of the Federal Home Loan Bank of Boston. In the past four years alone the bank has grown from 57 employees to more than 160, including highly respected lenders covering residential, commercial, C&I, and construction credit. The bank has also opened a new, 7,500 square-foot Lending Center at its 1063 Great Plain Avenue head office in Needham. A second and adjacent 7,500 square-foot administration building will commence shortly.

“Jack McGeorge has been a great inspiration and mentor to all of us at Needham Bank,” said Whalen. “He is a tremendous role model and I have been privileged to work closely with him for more than seven years. I am particularly pleased that he will be staying on as Board Chair, allowing us to continue to take advantage of his wise counsel, guidance, deep industry knowledge, and lasting customer relationships developed over the years.”

Mr. Whalen, 55, has more than 30 years of experience in the banking industry and is the former President & CEO of Dedham Cooperative Bank.   He joined Needham Bank in 2007 when the two institutions merged and was named President and Chief Operating Officer in 2012. He holds a Bachelor’s degree in Psychology from Stonehill College in Easton, MA and has taken numerous executive banking and finance courses, including The Graduate School of Community Bank Management at the University of Texas, Austin.

Mr. Whalen makes his home in Dedham with his wife and their two daughters.

About Needham Bank

Needham Bank, headquartered at 1063 Great Plain Ave. in Needham, MA, is the quintessential community bank, serving Boston and its neighboring communities continuously since 1892. Needham Bank represents the evolution of community banking™, offering the latest financial products and technologies, while maintaining an unwavering commitment to the communities served. For more information please visit NeedhamBank.com. Needham Bank is a member of FDIC and SIF.

Media Contact: Eric Morse, Senior Vice President Marketing and Retail Sales; emorse@needhambank.com or 781-474-5955.