Haverhill Bank Chairman and CEO Thomas L. Mortimer plans to step down from day-to-day activities at the end of the year, but will remain the institution’s chairman of the board.
The board of directors of Haverhill Bank and its parent company, HB Holdings, said this week Mortimer will retire as CEO, effective Dec. 31, after more than 16 years with the institution. He succeeded former Haverhill Bank President and CEO Thomas R. Faulkner in March of 2010. Gregory J. Shaw, who was elevated to president and chief operating officer a year ago, will succeed Mortimer as CEO.
Mortimer, of Haverhill, said he will be forever grateful to Faulkner and the board of directors for entrusting him in 2010 to become the bank’s chief executive officer. His career covers 44 years with six different banks. Over Mortimer’s tenure, Haverhill Bank expanded its footprint with the acquisition of Economy Cooperative Bank in Merrimac and by construction of branches in Salem, N.H., and West Newbury, Mass.
In addition, during his leadership, Haverhill Bank’s assets grew from $240 million to $643 million while deposits increased $306 million. Mortimer attributes this strong growth to talented staff and strong support from the board of directors.
Shaw, before becoming president, served as Haverhill Bank’s executive vice president and chief operating officer.