Florence Bank has named Matthew Garrity as its new president and CEO, the bank’s third leader in three years.
Garrity replaces Kevin Day, who retired in November after taking over leadership of the bank in January 2020. Day had replaced longtime leader John Heaps Jr. Michael Lynch, Florence Bank’s senior vice president and senior commercial lender, had been the bank’s interim president since Day’s retirement on Nov. 25.
A native of Lee, Massachusetts, Garrity was most recently the executive vice president, chief lending officer and head of residential lending at Ohio-based Premier Bank, the bank said in a statement on its website.
“Florence Bank is a real gem – a jewel in the community, and I take that very seriously,” Garrity said in the statement. “The bank has been well-served by the people who came before me, and I’m excited about the opportunity to carry on the legacy.”
The bank said Garrity is pleased to be working at a mutual bank, with its focus on customers and the community rather than stockholders.
“All of the banks I’ve worked in have had mission-based objectives that impact the community,” he said. “Florence Bank has always been a community-centric bank, so our support is vital to the success of the communities we serve.”
The bank said Garrity expects to focus on getting to know the staff. Garrity will also over time focus on growth, including further expansion into Hampden County, where Florence Bank has three branches. Florence Bank is marking its 150th anniversary this year.
John Ebbets, Florence Bank’s board chair, said the search for a new president and CEO was led by Kaplan Partners and had a pool of 125 candidates. Garrity was one of two finalists for the position.
“Matt was chosen because he has demonstrated that he is a thorough, thoughtful leader,” Ebbets said. “He was excellent at offering analysis and strategic vision and came in with a framework of ideas. I believe Matt’s going to be really good at assessing and developing people as priority number one.”
Florence Bank has about $1.8 billion in assets and 12 full-service branches in Hampshire and Hampden counties.
