Photo courtesy of Reading Cooperative Bank

Reading Cooperative Bank announced it has hired Carol Houle as its new chief financial officer just days after declaring a plan to combine with nearby Wakefield Cooperative Bank.

“Carol had been Reading’s audit partner and industry friend for many years,” Reading Cooperative Bank CEO Julieann Thurlow said in a statement. “Her understanding and respect for the value and strength of the mutual cooperative bank charter and her strong knowledge of bank accounting will serve us well into the future. We also appreciate Anthony Patti’s willingness to help with the transition of the CFO role and continue on as EVP of Special Projects as he wraps up his highly successful career here at Reading.”

Houle ascends to the role with over 30 years of experience in banking. She started her career in auditing, working for Shatswell MacLeod where she eventually rose to the position of firm partner. In 2013, she joined BankProv as its chief financial officer and during her tenure at the bank she assisted in the bank tripling in size over 10 years, Reading Cooperative said in its announcement.

Houle was later named co-CEO after BankProv’s disastrous foray into financing cryptocurrency unraveled in 2022, leading to the ouster of then-CEO Dave Mansfield. She and fellow co-CEO Joe Reilly – now the bank’s sole CEO – helped stabilize the bank after a $35.3 million loss in the third quarter of 2022 and led it to claim a crown as one of the fastest-growing lenders active in New Hampshire in the first half of 2024.

“I am honored to work with a mutual institution that has such a forward thinking and strategic leadership team”, Houle said. “I look forward to bringing my expertise to the bank to ensure a smooth transition to another asset class in banking.”

Houle replaces long-time CFO Anthony Patti as he steps into the new role of executive vice president and head of special projects.