The First Bancorp CEO retiring in 2015
Daniel R. Daigneault, president and CEO of The First Bancorp, the holding company for Damariscotta-based community bank The First, N.A., will retire in early 2015.
Daigneault, who is also president and CEO of the bank, is stepping down after serving as the company’s leader for nearly 21 years, making him the bank’s longest-serving CEO in its 150-year history, according to a press release.
The company’s board has named Tony C. McKim, executive vice president and COO of The First Bancorp, as the bank’s president and COO. McKim will eventually succeed Daigneault as CEO of the holding company and its bank subsidiary.
Board Chairman David B. Soule said Daigneault excelled in leading the company over the past two decades, noting the company’s positive growth.
“Under his watch we have effectively grown our franchise, as seen in the previously noted operating results,” he said in a prepared statement, “and at the same time we have built a culture based on exceptional customer service and the creation of long-term shareholder value.”
Over the last 20 years, The First, N.A., has grown from four locations in Lincoln County to 16 locations across Knox, Hancock, Washington, Lincoln and Penobscot counties. In that period, the bank’s total assets increased from $200 million to nearly $1.5 billion, with net income growing from less than $2 million in 1993 to $13 million in 2013. In addition, the bank has grown its loan portfolio by $771 million and its investment portfolio by $424 million.
Daigneault said he’s confident in McKim’s “ability to take over the helm.”
“The banking industry is undergoing significant change right now, and the one thing I am certain of is that the next 20 years will be more difficult than the past 20 years,” he said in a prepared statement. “[McKim] is up to this challenge, and I look forward to watching the bank’s continued success under his leadership.”
The company will announce its transition plan and Daigneault’s specific retirement date at a later time within the next few months.
Read more
Most Recent
Most Recent
Comments