McNamara to step down as chairman of Fairfield County Bank
After 31-years, Chairman Paul S. McNamara will be stepping down as Chair.
Over the years, Mr. McNamara has seen the Bank grow from 2 to 17 branches and from $98 million in assets to $1.5 billion. Capital has grown from $8 million to $200 million over his tenure.
He orchestrated the Ridgefield and Fairfield County Savings Bank merger along with the Bank’s expansion into insurance with the Carnall Insurance acquisition (Fairfield County Bank Insurance Services today) and the introduction of investments with the launch of Fairfield County Financial Services.
When asked about the future of Banking at the 147th Annual Bank Meeting, Mr. McNamara said, “Our Branch bank is in your pocket in the form of mobile banking on your cell phone. Payment systems will be real time and transactions will be more secure through technology”.
Asked what he considered a highlight as Chairman, he said he was most proud of the loans made to customers so they could buy homes or purchase and expand businesses. In addition, he was proud of that Fairfield County Bank was a real force in the communities we serve – donating over a million dollars last year to local organizations and having employees who logged over 4,000 hours of community service.
Mr. McNamara said that none of the growth and community involvement would have been possible without the dedication and professionalism of the employees and Board. He specifically noted his close relationship with former CEO Gary Smith and current CEO David Schneider. He thanked all the Board, Incorporators and Employees for the opportunity to work with such a great group of people.
The Board will announce succession plans in the coming year.
Founded in 1871, Fairfield County Bank is a $1.5 billion community bank headquartered in Ridgefield, CT with locations throughout Fairfield County. Fairfield County Bank delivers a full range of financial services through superior customer relationships and the knowledge that when you put your money in Fairfield County Bank, it stays in Fairfield County - strengthening our communities. Visit www.FairfieldCountyBank.com to find out more about the Bank.