Gorham Savings Bank President and CEO Christopher Emmons will retire at the end of the year after leading the bank through big changes during his 15-year tenure.
Since he started at the bank in 2003, he has more than doubled the assets, to top $1 billion in 2017, and the number of branch locations from six to 13 throughout southern Maine.
By comparison, Camden National is the largest Maine-based bank with $4 billion in assets, followed by Bangor Savings at $3.8 billion, according to USbanklocations.
Emmons also started the bank’s LaunchPad competition for startup businesses. Initially the winner received $30,000, but the bank bumped that up to $50,000 in 2016. The winners have included now well-known businesses such as Bixby & Co. chocolates and Good To-Go, a line of healthy meals for outdoor enthusiasts.
Emmons also championed new technology, including an interactive teller machine that can call a remote human teller and allow customers to see and talk to that person using the ATM screen.
Stephen deCastro, who was administrator of the bank’s commercial business banking and cash management operations, will replace Emmons. He was promoted to president starting Monday, and will report to Emmons until the end of the year, when Emmons retires. DeCastro also will oversee retail banking and marketing activities.
The board will name a CEO after Emmons departs, a bank spokesperson said.
Before joining Gorham Savings, deCastro was most recently senior vice president at Key Private Bank in Portland, where he led its 26-person New England wealth management team, with $1.3 billion under management.
“Steve is a tremendous asset to our bank,” Emmons said in a prepared statement. “He embodies the same values and shares the same approach we believe has made our bank so successful: strong engagement with customers and meaningful connections in the community.”
DeCastro was not immediately available to discuss any new plans for the bank, but said in a statement, “I look forward to the challenges and opportunities ahead, and doing what I can to help the bank build upon its great legacy.”
Current board member and Vice Chair Kathy Coster will become the bank’s new board chair in April, replacing Dan Willett, who has served as director for more than 15 years.
Jere Michelson, president of Libra Foundation, will become vice chair of the board.
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