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January 3, 2019

Gorham Savings Bank President Steve deCastro takes reins as CEO

Courtesy / Gorham Savings Bank
Courtesy / Gorham Savings Bank
Steve deCastro is president and CEO of Gorham Savings Bank under a two-step succession plan finalized Jan. 1 when he became CEO.

Gorham Savings Bank President Steve deCastro took on the additional role of CEO starting Jan. 1, succeeding Chris Emmons under a two-step transition plan announced last year.

DeCastro, who joined the bank in July 2016 as executive vice president of commercial banking, was promoted to president last April, working alongside Emmons until the end of 2018, when Emmons retired after 15 years with the bank.

As Gorham Savings' president and CEO, deCastro will serve as the primary point of contact for the bank's board of directors and shareholders and lead his executive team in the development and administration of the bank's strategic direction, operations and resources.

"I am truly honored to be president and CEO of such a community-focused institution, with such hardworking and dedicated people," deCastro said in Wednesday's announcement.

He added: "I want to thank Chris Emmons and the board for their vote of confidence in me, and I look forward to working with our team to identify opportunities that fit the bank's company culture and mission."

Before joining Gorham Savings, deCastro was most recently senior vice president at Key Private Bank in Portland, where he led 26 people on the New England wealth management team.

He takes the helm at Gorham Savings at a time of strength and growth for the financial institution, which exceeded $1 billion in assets in 2017. The bank has 13 branches, including a new anchor location at One India Street in the renovated Grand Trunk Railway building in Portland's East End, and a commercial portfolio of more than $670 million. The bank marked its 150h anniversary in 2018 through a community giving program called "Wish Tree" at granted $150,000 in wishes made by and for individuals in the communities it serves.

Among Maine-based banks, Gorham Savings ranks No. 9 in a Mainebiz list based on total assets as of June 30, 2018.

Kathy Coster, Gorham Savings' board chair, said in a statement that the bank's CEO transition process has been seamless, which she called a huge testament to deCastro's and Emmons's characters and leadership.

"Steve's experience, community focus, and deep knowledge of the banking industry give us great confidence in Gorham Savings Bank's future," she added.

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