Gorham Savings Bank, the ninth-largest Maine-based bank, announced Monday that Christopher Emmons, president and CEO since 2003, will retire at year’s end.
Stephen deCastro, who joined Gorham Savings in July 2016, has been promoted to president, effective April 2, and will report to Emmons through the year. He had served as senior view president of Key Private Bank in Portland, where he led a 26-person wealth management team.
“Steve is a tremendous asset to our bank,” said Emmons. “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.”
Through a spokesman, Gorham Savings said it expects to fill the CEO position after Emmons leaves the post.
Under Emmons, Gorham Savings doubled its assets, topping $1 billion in 2017, and its branch network grew from six to 13 branches. It also renovated the Grand Trunk building at 1 India St. in Portland, which serves as a branch and offices.
Emmons, whose background was in commercial lending, directed the bank toward more of a business-lending focus, building a portfolio of $600 million in commercial loans. He also oversaw the creation of LaunchPad, a pitch competition with a $50,000 prize.
The bank also announced two board changes: Katherine Coster, a board member of six years, will be the bank’s new board chair, replacing Dan Willett. And Jere Michelson, president of Libra Foundation, will become vice chair of the board. He is also chair of Maine Medical Center’s board of trustees.
Gorham Savings, which was founded in 1868 and is based in Gorham, is the only bank headquartered in Cumberland County.