Longtime banker Diane Arnold will be taking over as president and CEO of Essex Savings Bank this summer, the first time a woman has had the bank’s top position.
Arnold starts her new role in July, and will take over for Gregory Shook, who is retiring.
Arnold joined Essex Savings Bank in 2002, and currently serves as senior vice president and chief lending officer. She has been working in the banking industry since 1983.
“I look forward to building upon our solid foundation of serving the local community and continuing to flourish in an ever-changing banking environment,” Arnold said in an announcement.
During her tenure at Essex Savings Bank, Arnold has worked to develop the bank’s commercial loan portfolio and has served as a mentor to up and coming bankers.
Until his retirement, Shook will be working with Arnold to help with the transition process.
“I have known Diane for many years, and I am so pleased the Board of Directors has selected her as the next President and CEO and the first woman to serve in this role at our institution,” Shook said.
Douglas Paul, chairman of the bank’s board, said she has the qualities needed to propel it “into the next era of banking as a leading community bank.”
Arnold will also serve on the boards of both Essex Savings Bank and Essex Financial Services, Inc.
During Shook’s 21-year tenure, the bank experienced deposit and loan growth and geographic expansion. The board also credited him with developing the Trust Department, which has some $600 million in assets, and integrating with Essex Financial Services, its wholly-owned wealth management subsidiary with over $2.8 billion of managed assets.
Essex Savings Bank, first established in 1851, has six offices, including two in Essex, and one in Chester, Madison, Old Lyme and Old Saybrook.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.