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January 26, 2018 (Dover, NH)
Federal Savings Bank Announces Retirement of President and Chief Executive Officer James J. O’Neill, Jr.
Chief Financial Officer James R. Brannen Named President
at January 2018 Board of Directors Meeting
– Federal Savings Bank (FSB), a community bank headquartered in Dover, New Hampshire, announced the retirement of President and Chief Executive Officer James J. “Jay” O’Neill, Jr. at its annual Board of Directors meeting held on January 25, 2018. In conjunction with this announcement, the Board named current Chief Financial Officer James. R. Brannen President of the Bank.
Mr. O’Neill, who has served as President and Chief Executive Officer of the Bank since 2009, will continue to serve as Chief Executive Officer until May 17, 2018, his official retirement date. On that same date, Mr. Brannen will assume the title of Chief Executive Officer, becoming the 15th President and Chief Executive Officer in Federal Savings Bank’s 128-year history.
Dana C. Lynch, Chairman of the Federal Savings Bank Board of Directors, praised Mr. O’Neill’s service and leadership, calling him essential to the Bank’s success and growth over the past decade.
“Jay would insist on giving the credit for Federal Savings Bank’s success to the people he worked with—the customer service representatives, lenders, and others who get up every day determined to help their customers prosper,” said Mr. Lynch. “That’s one of the things that made him such a good leader; his fundamental respect for the entire team, and his understanding that
he is in a sense the caretaker of an institution with a proud history and a bright future. While Jay’s not the type to pat himself on the back, I’m happy to do that for him. Simply put, he has been an instrumental part of Federal Savings Bank. With prudence and insight, he successfully guided FSB in the face of significant adversity due to the broader financial crisis of 2008, not only weathering that storm, but taking us to new heights. He will definitely be missed.”
Mr. O’Neill, a native of Massachusetts who began his banking career in 1975, joined Federal Savings Bank in 1994 as Vice President, Senior Retail Loan Officer. In 2007, he was named Executive Vice President and Chief Operating Officer, and became President and CEO in 2009. During his leadership tenure, the Bank has exceeded growth expectations, going from $257 million in assets in 2010 to $359 million in assets in 2017. He oversaw the opening of the Bank’s fifth branch in Rochester, followed by the transformation of all five branches to a more modern “dialogue banking” concept, with FSB being the first bank on the Seacoast to implement this technology.
As President and CEO, Mr. O’Neill also oversaw the adoption of numerous new services and innovations, including a Customer Care Call Center, the founding of the FSB Charitable Foundation, the FSB Scholarship Program, the FSB Eagles In Action Volunteer Program and an array of new products and services, including online account opening, mobile banking, mobile deposit, joining the Allpoint ATM network, and more.
In addition to his work at FSB, Mr. O’Neill has been active in the community, serving on the Boards of Directors for Strawbery Banke Museum, Northern New England School of Banking, NH Bankers Association, Wentworth-Douglass Hospital Foundation, and the Dover High School Vocational Trust. He is also an active member of the Dover Rotary Club and has worked with Big Brother Big Sisters of NH and United Way of the Greater Seacoast. Mr. O’Neill was honored with the Tri-City Good Scout Award and named Community Banker of the Year by the NH Bankers Association in 2011.
While acknowledging all of the changes that have occurred during his tenure, Mr. O’Neill spoke about the things that he believes have not changed at Federal Savings Bank. “Our primary mission is to meet the expectations of the people and businesses we serve,” he said, “and to honor our commitment to our communities. It’s been a privilege to work with such a wonderful,
dedicated, and talented group of people, doing great work together and having the satisfaction of getting continuously positive results. I couldn’t have asked for a better experience, or a more satisfying way to close out my career.”
Incoming President Jim Brannen, a 30-year veteran of the banking industry, joined Federal Savings Bank in 2007 as Vice President and Chief Financial Officer. He served as Executive Vice President, Chief Financial Officer and Senior Loan Officer prior to becoming President. Mr. Brannen says that he has worked closely with Mr. O’Neill over the past decade, which will help ensure a smooth transition. “While Jay and I certainly have individual styles,” explained Mr. Brannen, “we share common values and a vision for Federal Savings Bank’s role here on the Seacoast. I look forward to helping all of us continue the success Jay fostered, and honoring his legacy. While he’s a tough act to follow, he’s always inspired us to keep moving forward to the next success, and we intend to do just that.”
Federal Savings Bank (FSB) is one of the oldest community banks in the region, serving individuals, business customers and non-profits with a range of deposit, investment, and loan products and services. Founded in 1890, FSB has headquarters in Dover, New Hampshire with additional branch locations and ATMs in Durham, Barrington, Portsmouth, and Rochester. Federal Savings Bank is online at www.fsbdover.com.