Due to the planned retirement of the bank’s President & CEO, S&W has been retained by Stafford Savings Bank (www.staffordsavingsbank.com) to manage the search for its next chief executive.
Established in 1872, Stafford Savings Bank is a mutual savings bank that exists to serve the financial needs of residents of Stafford, Connecticut and its surrounding communities and is truly a “hometown bank with hometown values.” The bank’s operating model and strategy are built around a long-term view of stability and prudent balance sheet management on behalf of the bank’s customers and employees. The bank’s core business model is quintessential community banking, safeguarding consumer deposits and using those deposits to fund consumer mortgages. With 3 branch locations in Stafford Springs, the bank lends to homeowners in its home market and in the contiguous communities of Ashford, Ellington, Somers, Tolland, Union, and Willington. What makes Stafford Savings Bank unique compared to many of its peers is that the bank maintains a sizable legacy investment portfolio that serves as a hedge against future liquidity or capital needs. The success of this strategy is measured not only by the bank’s continued independence as a mutually owned and governed community financial institution, but also by the strength of its balance sheet. Stafford Savings Bank today is approximately $389MM in total assets and as measured by core capital ratio is the most capitalized bank headquartered in the State of Connecticut. Additionally, the bank was recently recognized by Independent Banker magazine as one of the top 25 (#13) most profitable banks in the country in the $300MM-$1B category as measured by ROA.
We are seeking well-rounded banking talent for this CEO role with proven expertise across a wide range of fundamental technical competencies. The ideal candidate will demonstrate a sincere understanding of the importance this community bank plays in the financial lives of its customers and in the community of Stafford, as well as a willingness to embrace a long-term view of success that will extend well beyond his or her tenure as chief executive. For additional information about this incredibly unique community bank CEO role, please contact a member of the S&W search team: Moriah Maron, Consultant (mmaron@smithandwilkinson.com) or Cameron Boyd, Managing Partner (cboyd@smithandwilkinson.com).