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Updated: November 27, 2023 Focus on Banking & Finance

Mainers are making moves: a roundup of recent leadership changes in banking

Credit unions and banks around the state — including Saco & Biddeford Savings Institution, the Country Federal Credit Union, M&T Bank Savings Bank, Maine Savings Federal Credit Union and Androscoggin Bank — have announced significant personnel moves in recent weeks.

Here is a roundup of recent hires, promotions and retirements in the industry.

Saco & Biddeford Savings promotes a longtime leader

Photo / Courtesy of SACO & BIDDEFORD SAVINGS
Bill Kany, executive vice president and chief risk officer at Saco & Biddeford Savings.

Bill Kany has been elevated to executive vice president and chief risk officer. The position will broaden the longtime employee’s responsibilities while maintaining his current duties as in-house counsel.

Kany clerked in the U.S. Claims Court in Washington, D.C., and then went to work for Smith & Elliott P.A. in Saco. He became a partner of the law firm in 1988. During his time there, one of his clients was Saco & Biddeford Savings, and in October 2010 he began working directly for the bank.

“My dad retired as president of SBSI in 1995. I have been a customer of the bank for as long as I can remember,” says Kany.

“The bottom line is that SBSI is in my blood, and I have nothing but respect for this institution and its tradition of being a pillar of our communities. My promotion is an opportunity for me to be a part of the leadership that will perpetuate the traditions of SBSI while adding to the foundational character of this bank built by the leaders and employees who came before us.”

Kany’s father, Alfred William “Bill” Kany Jr., who passed away in 2019, became president of Saco and Biddeford Savings in 1995. In his time at the savings bank, he hired both Mark Jones, the eventual president and Bob Quentin, who is now CEO who will retire at the end of the year.

After the elder Kany’s retirement, he stayed on as board chair until 2005. He remained active in the community, serving as president of the Biddeford Saco Chamber of Commerce, president of Saco Little League. He was a lifelong Rotarian and a Mason.

In 2017, the younger Bill Kany was awarded the A. William Kany Jr. Community Service Award, named after his father.

“This was a big honor for me,” says Bill Kany. “I did try to follow in my father’s footsteps by being active in the community, but those were huge shoes to fill. I, too, was the president of the Biddeford Saco Chamber.  I, too, have been a lifetime Rotarian and past president of our club. I was on the board at Thornton Academy for 12 years, and I was on the board at the Center for Grieving Children for six years to name a few things my father inspired me to do.”

M&T Bank names Maine regional president

Photo / Tim Greenway
Phil Cohen, M&T Bank’s regional president for Maine, underscores that vigilance begins with on-the-ground staff in branches.

M&T Bank appointed Phil Cohen to take over as Maine regional president after Dan Thornton, who retired in May.

Cohen most recently served as group manager for the commercial real estate teams in Maine and New Hampshire, this is a role he will continue to fill.

Thornton had served as Maine regional president of People’s United Bank going back to 2013. When People’s was acquired by Buffalo-based M&T Bank a year ago, Thornton was kept on as the Maine president.

Cohen will work with M&T’s community bank leadership team, which includes members from its retail, business banking, wealth management and charitable teams. He will also make local decisions about community activities, grants and lending.

Cohen joined M&T in 2022 following its acquisition of People’s United Bank.

“It’s an amazing opportunity to serve as regional president,” says Cohen.

“I’ve long admired Maine since first experiencing its quality of life in my childhood and having now worked in the region for almost two decades. I remain inspired by Maine’s unique geography, robust economy and resilient workforce. I look forward to working throughout the community to continue to build upon the positive economic momentum in the state.”

M&T Bank (NYSE: MTB), which is based in Buffalo, has 19 branches in Maine. By market share, M&T Bank is No. 13 in Maine, according to the 2023 Mainebiz Book of Lists. That ranking is based on $1.271 billion in Maine deposits as of June 30, 2022.

The County FCU hires CFO with diverse background

Brad Wolverton is CFO at the County Federal Credit Union.

The County Federal Credit Union has hired Brad Wolverton as its next chief financial officer.

He comes to the credit union after working for nine years as the plant controller for Huber Engineered Woods in his hometown of Easton, in Aroostook County. He is also an adjunct accounting professor at the University of Maine at Presque Isle.

Before working at Huber, he was with Chester M. Kearney CPAs, a tax and accounting firm in Houlton. He spent five years with the company.

The County FCU serves Aroostook, Penobscot and Piscataquis counties with branches in Caribou, Presque Isle, Fort Fairfield, Mars Hill, Houlton, Howland, Old Town and Bangor.

The County FCU has $449.8 million in total deposits and ranks No. 7 among the largest Maine-based credit unions, based on deposits as of Sept. 30, 2022, according to the 2023 Mainebiz Book of Lists.

Maine Savings’ next CIO brings 10 years of experience

Maine Savings Federal Credit Union appointed Adam Kavanagh to the role of chief information officer.

Photo / Courtesy of MAINE SAVINGS FCU
Adam Kavanagh, CIO for Maine Savings Federal Credit Union.

Kavanagh brings a range of experience and knowledge to the role. He has worked in the credit union industry for over 10 years, including eight years at Maine State Credit Union.

“I look forward to working with the team to develop and implement strategies to help the company achieve its goals,” says Kavanagh.

“Like Maine Savings, I believe credit unions exist to serve their members and communities and I’m happy to be a part of a credit union with such a strong culture,” he adds.

Prior to joining the credit union, Kavanagh has held various positions, including senior vice president, chief operating officer, vice president of operations and assistant vice president of risk management.

Maine Savings was founded in 1961. It has more than 35,000 members, 140 employees and branches in Bangor, Bar Harbor, Brewer, Corinth, Ellsworth, Hampden, Milo, North Vassalboro, Old Town and Portland.

Maine Savings was ranked No. 2 among the largest Maine-based credit unions in the 2023 Mainebiz Book of Lists, based on $587.8 million in total assets as of Sept. 30, 2022.

Androscoggin Bank names next COO

Kate Rush, Androscoggin Bank

Androscoggin Bank has appointed Kate Rush as the next executive vice president and chief operating officer.

During her time working in various industries, the bank said in a news release, she has acquired a variety of skills in various industries, including operations, technology, finance and innovation.

Prior to joining the bank, the Newport resident was vice president of corporate development at Tilson Technology Management. She also held a leadership position at Bangor Savings Bank.

Androscoggin Bank has $1.42 million in total assets and ranks No. 11 among the largest Maine-based banks, based on assets as of June 30, 2022, according to the Mainebiz Book of Lists.

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