Established in 1866, Norway Savings Bank (“NSB,”) is a 158-year-old, $1.7B state chartered mutual bank. The bank has 300 full-time employees and at its asset size is the 7th largest bank headquartered in the state of Maine. NSB offers a breadth of both loan and deposit solutions for consumer and business banking customers as well as investment and trust services through its Asset Management Group and operates 24 branch locations in western and southern Maine. While the bank’s growth has been primarily organic, NSB also acquired Portland-based Coastal Bank in 2001. NSB is in strong financial condition, notably with over 13% Tier 1 capital, and has an approximately $1.1B loan portfolio, with over $1B secured by real estate. As a mutual bank, the bank is governed by its depositors (there are no shareholders), allowing the bank to take a long-term view of success based on customers, community, employees, and strength of balance sheet. With a full suite of mobile and online banking solutions, the bank is the epitome of a modern community bank, balancing local interests and decision making while allowing customers to bank where they want, and when they want. A fantastic corporate citizen, NSB awarded over $1.05MM to 355 Maine nonprofits in 2023 and its employees volunteered over 4,000 hours.
The Chief Risk Officer (CRO), reporting directly to the President and CEO, is tasked with leading NSB’s comprehensive enterprise-wide risk management program, encompassing vendor, departmental, credit, and information security risks. This role is pivotal in identifying, assessing, and monitoring risk levels, ensuring the effectiveness of risk controls, and aligning NSB’s risk management activities with the Board of Directors’ risk tolerance directives. The CRO also oversees credit risk management, particularly within the commercial and retail loan portfolios, ensuring compliance with regulatory requirements and maintaining credit quality. Additionally, the CRO serves as the primary liaison between bank management and the Board Risk Management Committee, supports various management committees, and directly supervises key risk and compliance officers. This leadership role will be heavily involved in strategic planning, regulatory compliance, and risk mitigation across the organization.
For additional information, please contact a member of the S&W search team: Nathan Townsend, Partner (ntownsend@smithandwilkinson.com) or Cameron Boyd, Managing Partner (cboyd@smithandwilkinson.com).