iStock illustration

The mutual holding company for Newburyport Bank and Pentucket Bank has named a new chief risk officer in what it called a “pivotal” appointment.

Michael Bonsey was formerly the chief risk officer at Cambridge Savings Bank, according to his LinkedIn profile, and joins River Run Bancorp as an executive vice president.

“In today’s rapidly evolving banking landscape, the chief risk officer role is not just strategic – it’s essential for ensuring the long-term success of our two banks, Newburyport Bank and Pentucket Bank, and those that join the River Run family in the future,” Lloyd Hamm, CEO of River Run, said in a statement. “Michael’s expertise will be instrumental in driving our mission to provide robust and responsive risk management across all our institutions.”

Bonsey has almost 40 years of banking experience, River Run mostly in senior credit positions. His new responsibilities include enhancing the mutual holding company’s commercial credit structure as River Run looks to “better meet regulatory and customer expectations,” the announcement said.

Bonsey will also assume full leadership over the credit and enterprise risk functions for River Run and its affiliated banks, and will report to Chief Credit Officer Jamie Thompson.

“We are fortunate to add Michael to the River Run organization,” Thompson said in a statement. “He has a superb background navigating an increasingly complex banking environment. I’m confident that his experience will enhance the organization’s resilience against financial challenges and improve our overall governance.”

River Run continues to grow with the expected addition of Rollstone Bank and Trust to its affiliated banks in the first half of 2025.

Along with Newburyport Bank and Pentucket Bank, the addition of Rollstone would bring River Run’s total assets to $3.5 million.

The mutual holding company was established in 2023.