By MICHAEL KITCH, LACONIA DAILY SUN
LACONIA — The Board of Directors of Bank of New Hampshire announced Friday that after an extensive nationwide search Paul J. Falvey will succeed Mark Primeau as president and chief executive officer.
Bruce Clow, chairman of the board, said in a prepared statement that "We worked diligently to select a candidate who will continue to build on the success of the bank while maintaining our commitment to mutuality and also take us into the future in today's challenging banking environment. We are confident that Paul's deep-rooted commitment to building business through long-term relationships and delivering the best customer experience in the communities served make him an ideal candidate for the position."
Vickie Routhier of Bank of New Hampshire described Falvey as "a good fit," not least because of his commitment to remaining a mutual institution, serving its customers and the community rather than shareholders.
Falvey will join the bank on Feb. 1. Primeau will serve as a consultant until the end of the fiscal year in June as well as hold a seat on the board of directors.
Most recently Falvey has spent the last four years as president and chief executive officer of Martha's Vineyard Savings Bank, playing a major role in its transformation from a community bank with $100 million in assets to a regional institution with $1.4 billion in assets.
Altogether, Falvey brings three decades of banking experience, much of it in commercial lending and senior leadership, to the position. He joined Connecticut Bank and Trust Company of Hartford, a subsidiary of Bank of New England, in 1987, a year after graduating from Hamilton College.
After Bank of New England failed in 1991, Falvey, who had earned his master's degree in business administration at Rensselaer Polytechnic Institute, became a commercial lender at First International Bancorp of Hartford. Targeting firms with annual sales of between $3 million and $50 million, the commercial loan portfolio grew from $100 million to $1.4 billion during his tenure. He opened and managed the banks first operation outside Connecticut in Boston in 1994 and assisted with the sale of the company to United Parcel Service in 2001. In 2005, Falvey became senior vice president, chief credit officer and one of four principals of Business Lenders, a non-bank commercial finance company, in which Merrill Lynch held a majority stake.
Falvey returned to conventional banking in 2009 as president and chief executive officer off Holbrook Cooperative Bank in Holbrook, Massachusetts, where he oversaw a restructuring of the bank. With his experience in government guaranteed lending through the United States Small Business Administration, Export-Import Bank of the United States and the Business and Industry Loan Program of the United States Department of Agriculture, Holbrook Cooperative Bank soon had the highest volume of Small Business Administration by dollar value of any bank in Massachusetts.
A college hockey player, Falvey has been a NCAA Division 1 hockey official and a youth hockey coach. Married with three adult children, he and his family will be moving the Lakes Region.
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