Martha’s Vineyard Savings Bank President and CEO Paul Falvey told the bank’s board of directors on Monday that he will resign early next month to become the president and chief executive officer of Bank of New Hampshire, a $1.4 billion mutual bank in New Hampshire.
“I’m 52, and a wonderful new opportunity presented itself,” Mr. Falvey told The Times. “Both banks have a similar culture, and are truly committed to their communities.”
Mr. Falvey said he and his wife Caryl will miss their Katama home: “We love South Beach. We’ll certainly miss the ease and convenience of being close to such a beautiful place.” Mr. Falvey said that he has wonderful memories of Vineyard summers with his three children. “But now they’re older, and they’re not hanging around in the summer anymore,” he said.
In the coming weeks, the board will be working with Mr. Falvey to implement a smooth leadership transition.
“The bank is sound and well positioned for the future,” Mr. Falvey said. “We have a wonderful, loyal customer base that continues to amaze me with a never–ending stream of great referrals. I am proud of the many accomplishments at Martha’s Vineyard Savings Bank over the past four years. None of them would have been possible without the tremendous commitment and dedication of the staff and managers.”
“The board is grateful to Paul for his many contributions to our bank, and we wish him well in his new and exciting position,” board of directors chairman Frank Fenner said in a press release.
Mr. Falvey will succeed Mark Primeau, who has served as president and CEO of Bank of New Hampshire since March 1, 2008.
Mr. Falvey is a graduate of Hamilton College, and earned his M.B.A. with a concentration in finance from Rensselaer Polytechnic Institute. He along with his wife and three children will be relocating to the Lakes Region of New Hampshire in the near future. Mr. Falvey will officially join Bank of New Hampshire on Feb. 1, 2017.
“Caryl and I have come to love the Island and the community, and we look forward to our continued association with the Island,” Mr. Faley said.