S&W has been retained by Northern Bank to manage the search and selection process for the Chief Financial Officer (“CFO”) position. Founded in 1960, Northern Bank is an approximately $3.1B, privately held and family-run bank. From its roots in Woburn, Massachusetts, the bank has grown to serve a national customer base and into one of the best run banks in the country, serving over 32,000 clients nationally, operating 12 retail locations, and employing approximately 300 dedicated professionals. During the 10-year period of 2013-2023 the bank achieved a 3X increase in assets, a 4X+ increase in capital, and grew its employee headcount by 83%. The bank is primarily a commercial lender, with approximately $1.2B of its $2.7B loan portfolio in C&I. The bank has a large specialty lending expertise, focused largely on QSR’s nationally, distinguishing itself through its expertise, creative dealmaking, cutting edge analytics, and white glove service. Northern’s outstanding financial performance speaks to the success of its model; for the period ending 3/31/24 Northern Bank had a NIM of 4.41, ROA of 1.64, ROE of 11.84, Efficiency Ratio of 43.75, and Core Capital of 14.40. In 2023, the bank launched Northern Digital Solutions (NDS), with the aim of developing proprietary digital products and solutions both for the benefit of existing Northern Bank customers as well as to be sold to other financial institutions. A generous corporate citizen, the bank donates to a wide array of area nonprofits through both grants from the Northern Bank Charitable Foundation and through donations.
Reporting to the bank’s President & CEO, James Mawn, the Chief Financial Officer will lead all aspects the bank’s finance and accounting functions and be a collaborative member of executive leadership. We are seeking exceptional bank finance executives for this unique, growth-oriented leadership role. Successful candidates will have demonstrated expertise across a wide spectrum of finance, accounting, reporting, and analytics functions, strong leadership skills directing an exceptional team of professionals, and will have thrived within entrepreneurial work environments.
For additional information, or to arrange a confidential conversation, please contact a member of the S&W search team: Cameron Boyd, Managing Partner (cboyd@smithandwilkinson.com) or Darcy Flaherty, Senior Associate (dflaherty@smithandwilkinson.com).