BankFive CEO stepping down in ’11

FALL RIVER – BankFive Corp.’s top executive has announced that he will step down next year, and the bank has already picked a successor.
Thomas F. Lyons, president and CEO at the 13-branch BankFive since 2003, told a gathering at the bank’s annual meeting last month that he will retire on June 30, 2011.
“As I approach my 65th birthday and after seven years on active duty as a naval officer followed by 37 years in banking, I have made the difficult decision to retire from the bank that I love and spend more quality time with my wife, children and grandchildren, maybe do some traveling and continue my community work,” he said.
BankFive’s board of directors has named William R. Eccles Jr., the bank’s executive vice president and chief operating office, as the successor.
“I look forward to working closely with Bill to ensure a smooth transition,” Lyons said.
The announcement came as bank officials disclosed the bank’s “sound” performance in 2009. The bank said assets increased $13 million to $709 million last year, including a 6.4 percent growth in deposits to $576 million. The bank’s loan portfolio stood at $497 million at year’s end, the bank said.
Fall River-based BankFive, which operates in the southeastern Massachusetts, posted $773,000 in net income for 2009 – more than doubling the $306,000 in net income in reported a year earlier – according to the bank’s regulatory filings with the Federal Deposit Insurance Corporation.
“At the start of the year, we knew that the state of the economy presented us with an uphill battle,” said Lyons. “In the midst of the turmoil, BankFive has proven to be a successful institution with positive financials and institutional growth. We have continued our role as a beacon in the community, never wavering from our dedication to the communities we serve.”
BankFive, founded in 1855 and based in Fall River, has 13 offices in southeastern Massachusetts. For information, visit www.bankfive.com.