Essex Bank said Tuesday that Executive Vice President and Chief Operating Officer Lynn Giroux will become the community lender’s next president and CEO in August, succeeding Diane Arnold, who plans to retire.
Arnold has served as president and CEO for five years. During her tenure, the bank said it achieved steady growth in deposits and loans, improved technology and developed leadership, while also completing a rebranding effort ahead of its 175th anniversary.
Board Chairman Douglas Paul said the board selected Giroux after internal discussions about succession. She will also join the board of directors of Essex Bank and its parent, Essex Financial Services Inc.
The mutual savings bank has $505.7 million in assets and six branches in Essex, Chester, Madison, Old Lyme and Old Saybrook. It also has a wealth management division.
Giroux has worked at Essex Bank since 1999 and currently oversees operations that include deposit and loan administration, information technology, compliance, marketing and facilities, the bank said. She previously served as vice president of human resources and branch administration.
Essex Bank said Giroux was involved in branch expansions that included openings in Madison and Chester, as well as efforts to develop new customer-facing technology and cash management products for commercial clients.
Giroux began her banking career in 1983 and holds a bachelor’s degree in English from the University of Vermont, the bank said. She is also a graduate of the New England School of Banking, according to the bank.
