Jack W. McGeorge will step down from his post as CEO of Needham Bank next year, the bank’s board of directors announced this week.
McGeorge will hand the baton off to Mark Whalen, currently president and COO, in April 2015. McGeorge intends to stay on as chair of the board.
"Orderly succession planning is the hallmark of a well-run firm and this is particularly true in the financial services sector," McGeorge said in a statement. "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."
McGeorge has worked at Needham Bank for more than 38 years. He joined what was then Needham Cooperative Bank as an assistant treasurer in 1976 and became president in 2004. Over the past four years, McGeorge has grown the bank from 57 employees to more than 160. This year the bank opened a new, 7,500-square-foot lending center at its head office in Needham and has a second 7,500-square-foot administration building in the works.
Recently, McGeorge was elected to the board of the Federal Home Loan Bank of Boston.
Whalen, 55, has more than 30 years of experience in the banking industry. He is the former president and CEO of Dedham Cooperative Bank, and he joined Needham Bank in 2007 when the two merged. Whalen has been president and chief operating officer since 2012.
"Jack McGeorge has been a great inspiration and mentor to all of us at Needham Bank," Whalen said in the statement. "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."
