PRESS RELEASE
BankFive Announces Retirements, an Addition to Executive Committee, and Board of Directors New Committee Assignments
(FALL RIVER, Mass., August 19, 2010) -- BankFive recently announced several retirements and additions to the Bank’s Executive Committee and Board of Directors at a Board meeting held on August 18, 2010.
Senator Joan M. Menard, who has served on the Board of Directors and Executive Committee, announced her retirement after 36 years of service to the Bank. Her retirement is effective on September 6, 2010.
M. Helena Amaral was elected to fill Senator Menard’s position on the Executive Committee effective September 1, 2010. Mrs. Amaral has served on the Bank’s Board of Directors since March 2001, and has served in many capacities, most recently as the Audit Committee Chairperson.
Director William H. Lapointe was elected Clerk of the Executive Committee, Director Sr. Kathleen Harrington will assume the role as the Chairperson of the Audit Committee and Director M. Paula Raposa will join the Audit Committee, effective September 1, 2010.
Thomas F. Lyons, President & CEO of BankFive, announced that he will be retiring sooner than previously planned. He now intends to step down from his position effective December 22, 2010.
When he initially announced his decision to retire at the Bank’s Annual Meeting on March 17, Lyons said he planned to transfer leadership to his successor – BankFive’s Executive Vice President & COO, Bill Eccles – on June 30, 2011. In making the current decision, Lyons said he feels confident that a smooth change in leadership can happen before the end of the year.
“As I’ve watched Bill assume more institutional responsibility during the last five months, it’s become clear that he is ready and willing to take the BankFive helm at any time,” Lyons said. “By making this transition in December, BankFive will enter the new year with its new leader in place.”
With more than 35 years in banking, Lyons took over as President of BankFive in June of 2003.
He added, “I am grateful to our Board of Directors for their support during my tenure, and for agreeing with my decision to leave this year.”
“After 43 years of marriage, my wife Andi and I are anxious to see what the rest of our lives holds for us,” Lyons concluded. “While I will sorely miss my day-to-day involvement with the Bank – especially our terrific employees – I look forward to serving on the Board of Directors of the Bank during my retirement, while continuing my involvement in civic and charitable projects of the SouthCoast.”
About BankFive
One of the 100 oldest banks in America, BankFive has been serving the communities of the SouthCoast since 1855 with a steadfast commitment to provide local individuals, families and businesses with outstanding products and services designed to meet their financial needs. With 13 offices conveniently located throughout the SouthCoast, BankFive is one of the top community banks in Massachusetts and the place to BankSmart. For more information, visit us online at www.bankfive.com.
