PEABODY — With a banking career that spans 40 years, North Shore Bank CEO David LaFlamme had been thinking about retirement.

Two recent mergers pushed back the Newburyport resident’s timeline for heading off into the sunset.

But in April, at the bank’s annual meeting with its directors and corporators, LaFlamme, who is in his early 60s, announced he plans to retire at the end of 2016.

“The past 10 years have taught me the value of having a positive and enthusiastic group of co-workers who give tirelessly of their time, to enhance the image and productivity of the bank,” LaFlamme said in a press release. “I want to acknowledge the entire North Shore Bank team who has played a big part in making my time here a positive and more enjoyable place to work.”

“I’m looking forward to it,” LaFlamme said of his retirement, though he added he did not have any definite plans. “This didn’t come out of the blue,” he said. “I’ve been thinking about it.”

He will be succeeded by the bank’s president, Kevin M. Tierney Sr.

Tierney, of Danvers, will take on the roles of president and CEO. He is the former president and CEO of Saugusbank, which merged with North Shore Bank in 2014.

North Shore, once known as George Peabody Co-operative Bank, dates back to 1888.

LaFlamme, who has been North Shore Bank’s CEO since September 2006, has grown the bank’s assets from $429 million to more than $750 million, increasing the bank’s capital 130 percent during his tenure. North Shore Bank nearly doubled in size in the past 18 months.

In addition to the Saugusbank merger, North Shore Bank merged with another mutual bank, Merrimac Savings Bank, last year.

There were no layoffs announced as part of the mergers, which expanded North Shore Bank’s presence locally while reaching into the Merrimack Valley and southern New Hampshire. Last year, North Shore Bank had about 175 employees after the mergers.

North Shore Bank’s headquarters are on Route 114, at 248 Andover St. in Peabody. It has 12 branch offices in Peabody, Beverly, Saugus, Danvers, Hamilton, Merrimac, Middleton and Salem, as well as Newton, New Hampshire. The bank has remote ATMs in the Granite State in Plaistow and Newton.

Mutual banks do not have shareholders; they have a charter and are owned by members. They tend to be conservative in their approach — they don’t have to please shareholders — and community-focused.

“In this challenging economic environment, organic growth was very difficult,” LaFlamme said. The mergers helped North Shore Bank grow and gave the bank some scale.

LaFlamme said he leaves the bank on a sound operational footing, and the bank’s asset quality is exceptional.

LaFlamme called Tierney “a very smart banker” who is involved in the community. He described him as a “perfect successor,” one committed to the ideals of mutuality. 

“I am honored to have been selected to succeed Dave and look forward to continuing his high standard of customer care, as well as North Shore Bank’s legacy and commitment to the communities which it serves,” Tierney said in a statement.

Read the Entire Salem News Article here