The Martha's Vineyard Times

Christopher Wells resigns from Martha's Vineyard Savings Bank

May 30, 2012

Christopher Wells, Martha's Vineyard Savings Bank (MVSB) president and chief executive officer, resigned May 30, for reasons he described as personal. His resignation took effect immediately, according to a press release from the bank's trustees yesterday.

"We thank Chris for his service to the bank and wish him well in his future endeavors," Philip J. Norton Jr., chairman of the trustees, said in the press statement.

The board appointed Thomas J. Sharkey interim president and chief executive of the bank, effective immediately. Mr. Sharkey has been the bank's chief financial officer.

The trustees said they will retain an executive search firm to conduct a nationwide search for a permanent chief executive.

Mr. Wells arrived on the Vineyard in 2004, with a background in financial services and local banking on Cape Cod. In June 2007, while he was serving as president of the Dukes Country Savings Bank, it merged with the Martha's Vineyard Co-operative Bank. Mr. Wells became president of what became the Martha's Vineyard Savings Bank.

The savings bank is the largest financial institution on the Island, with assets of $525 million at the end of 2011, the release said. Most bank assets are loans.