Needham Bank's Ashland branch in 2019. Courtesy photo/ File

Needham Bank’s chairman and former CEO, Jack McGeorge, plans to retire at the end of the month after spending more than 45 years with the bank.

Needham Bank said in a statement that McGeorge will retire on July 27. Joe Campanelli, the bank’s president and CEO, has been elected chairman and will add that role to his duties when McGeorge retires.

McGeorge has been with Needham Bank since 1975 and became president and CEO in 2006. He retired from the leadership role in 2015 and was elected chairman of the board. The bank said in the statement that its market share, resources and commercial real estate financing business expanded during his tenure.

“Jack was instrumental in cementing the Bank’s reputation as ‘The Builders’ Bank’ thanks to his expertise in construction financing and close relationships with area builders,” the statement said.

Campanelli joined Needham Bank in 2017 as CEO after working at Hartford National Bank, Shawmut Bank, Fleet Bank, Sovereign Bank and Flagstar Bank.

During Campanelli’s tenure, the bank has increased its commercial lending portfolio, with a focus on small business, middle market and larger corporate entities through a new structured finance division, the statement said.

“Joe is a highly qualified, experienced and capable executive who has transformed the bank in his five years as President and CEO,” McGeorge said in the statement. “I feel confident in a bright and successful future for Needham Bank with Joe at the helm.”