Karl Denu. Photo courtesy of River Run Bancorp

River Run Bancorp has promoted Karl Denu to chief financial officer.

Denu will be based at River Run’s Harbor Place office and will oversee the organization’s finance division, including accounting operations, financial reporting, investment portfolio management and strategic financial planning, River Run said in its announcement.

“Karl is a highly respected financial leader whose experience in financial management and reporting, balance sheet management, and regulatory compliance will be instrumental as we continue to grow,” said River Run President and CEO Lloyd Hamm said in a statement. “His executive leadership and expertise will further strengthen our financial operations and support our long-term strategic objectives.”

Denu will direct all financial reporting activities, including management and regulatory reporting. He will also oversee asset/liability management, internal financial controls and the bank’s funding and investment strategies. Denu will also lead the bank’s annual budgeting process and provide financial insights to executive leadership and the board of directors.

River Run Bancorp is a mutual holding company that was established in 2023. Its banks have collective assets of $3.6 billion. The mutual holding company has Newburyport Bank, Haverhill-based Pentucket Bank and Fitchburg-based Rollstone Bank & Trust under its umbrella.

“River Run has established a reputation for thoughtful financial management and strong community commitment,” Denu said in a statement. “I’m committed to providing clear financial insight, maintaining strong controls, and supporting the long-term financial health of River Run and its affiliated banks.”

Denu previously held leadership roles at Pentucket Bank, where he was also CFO, plus at New Hampshire’s former Centrix Bank and Bank of New Orleans. He has over 20 years of experience, River Run said.