North Shore Bank CEO and 40-year banking veteran David J. LaFlamme will retire later this year, the bank said this week.
North Shore Bank’s current President Kevin M. Tierney Sr. will succeed him as CEO. Tierney has more than 35 years of community banking and financial industry experience.
“The past 10 years have taught me the value of having a positive and enthusiastic group of co-workers who give tirelessly of their time, to enhance the image and productivity of the bank. I want to acknowledge the entire North Shore Bank team who has played a big part in making my time here a positive and more enjoyable place to work,” LaFlamme said to the bank’s board of directors and corporators at its recent annual meeting, according to a statement.
LaFlamme has been CEO since September 2006. Over that time, he’s grown the bank’s assets from $429 million to more than $750 million and has increased its capital 130 percent. Over just the past 18 months, LaFlamme helped lead the bank through mergers with Saugusbank and Merrimac Savings Bank, expanding North Shore Bank’s geographic footprint from the North Shore into Merrimac Valley and Southern New Hampshire.
Before he joined North Shore Bank, LaFlamme worked for 20 years as an executive vice president at TD Bank, successor to Family Bank. In that position, he was responsible for commercial lending activity in Eastern Massachusetts and Southern New Hampshire. Before that, he worked at Bank of Boston as its senior commercial lending office for Middlesex and Essex counties.
LaFlamme has also served as trustee and chairman of the Home Health Foundation, a community-based not-for-profit that provides home health and hospice care, and as chairman of both the Haverhill YMCA and North Shore Chamber of Commerce, as a current board member for the Massachusetts Banker’s Association and as a trustee of the Essex National Heritage Commission. He currently serves as Chairman of the Board of Trustees for Anna Jacques Hospital in Newburyport, Massachusetts.
“I leave North Shore Bank very operationally sound, with extremely strong asset quality and positioned for continued success. The senior leadership team has laid out a vision for the bank that will guide it for many years to come, and it gives me great confidence about the bank’s future,” LaFlamme said in a statement.
