GSB CEO M. Livingston To Retire, Geelan Named Successor
Aug 12, 2013 |
Margaret Y. Livingston, President & CEO of Guilford Savings Bank (GSB) has announced her retirement, effective January 31, 2014. The Board of Corporators voted unanimously to elect Timothy P. Geelan to succeed Livingston as President & CEO at its April meeting. Geelan is currently the Bank’s Executive Vice President & COO, and will be the 11th president of the 138 year-old, $540 million bank.
The timing of Livingston’s retirement is no surprise to the Bank’s Senior Management Team or the Board of Trustees. A detailed succession plan has been in the works for some time, and the transition will be seamless fo both the staff and public. “For years, we’ve been working together to ensure that we have a strong and balance Senior Management Team,” Livingston remarked. “We’ve worked carefully to ensure GSB remains a sound, healthy institution with relevant products that meet all the financial needs of our businesses and consumers. I believe this mission will be carried forward under Tim’s direction.”
Geelan brings with him over 25 years of experience. He began his career at Connecticut National Bank and its successor Shawmut National, before coming to GSB in 1994. Throughout his 19 years with GSB, he has served in various capacities including Chief Loan Officer, and more recently as Chief Operating Officer with oversight responsibilities for enterprise risk management, retail, marketing, finance, operations, and information technology. Geelan has strong connections in the shoreline community. He is a native of Old Lyme and currently resides in Guilford with his wife Melissa and their three sons. In addition to his banking role, he is an active volunteer, having served as the president for both the Guilford Foundation and the Guilford Chamber of Commerce.
“I am both humbled and honored to be presented with this opportunity,” said Geelan. “The Bank is positioned extremely well and I am very fortunate to have a fantastic group of committed folks around me. I owe a debt of gratitude to Margaret and other mentors along the way. The foundation is set; my job is to help carry it forward.” Geelan added that mutuality has been and will continue to be one of the keys to the Bank’s success. “As an independent mutual bank, we have the benefit of longer range planning and can make investments that have a longer return horizon than most public companies would allow. The key difference is that we are beholden to our customers and the communities we serve; not shareholders.”
Charles Havrda, Chairman of the Board of Trustees, is confident in Tim’s ability to lead the Bank. “In recent years, GSB has enhanced its technology and products,” Havrda said. “As our customers’ needs and wants evolve, so do we, but we never lose sight of who we are.”
Livingston, whose tenure at the Bank has spanned over 38 years, will remain on the Board of Trustees following her retirement. “I’m not going anywhere anytime soon,” she said with a laugh. And while a great deal has changed since her first day at the Bank, the Bank’s mission to serve the community remains the same. “It’s business as usual,” said Geelan.
After working together for 19 years, Livingston is excited for what the future holds. “Tim is an extremely bright professional and could not be more committed to the continued success of GSB” she said. “He has high standards for the Bank, himself and our employees. The Bank’s future is in good hands with Tim’s ability to lead, and the support of the valuable GSB team.”