PEABODY — North Shore Bank announced today that David J. LaFlamme, chief executive officer, will retire this year after a 40-year banking career. He will be succeeded by the bank’s current president Kevin M. Tierney, Sr. who will assume the role of president and chief executive officer.
LaFlamme has been chief executive officer since September of 2006 when he assumed responsibility of the day-to-day operation of the bank. Under LaFlamme’s leadership, the bank’s assets have grown from $429 million to over $750 million, and the bank’s capital has increased 130 percent during his tenure. Over the past 18 months, the bank has completed successful mergers with both Saugusbank and Merrimac Savings Bank, expanding its geographic reach on the North Shore and into Merrimack Valley and Southern New Hampshire.
Prior to joining North Shore Bank, LaFlamme served 20 years as executive vice president at TD Bank — successor to Family Bank. During that time, he was responsible for all commercial lending activity in Eastern Massachusetts and Southern New Hampshire.
Previously, he worked at Bank of Boston where he served as the bank’s senior commercial lending officer for Middlesex and Essex counties.
Addressing the board of directors and corporators at the annual meeting of North Shore Bancorp, LaFlamme stated: “The past 10 years have taught me the value of having a positive and enthusiastic group of coworkers who give tirelessly of their time, to enhance the image and productivity of the bank. 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.”
He went on to say, “I leave North Shore Bank very operationally sound, with extremely strong asset quality and positioned for continued success. The senior leadership team has laid out a vision for the Bank that will guide it for many years to come, and it gives me great confidence about the bank’s future.”
Actively involved in the community, Mr. LaFlamme has served as trustee and chairman of the Home Health Foundation, a community-based not-for-profit providing home health and hospice care. He also served as chairman of both the Haverhill YMCA and North Shore Chamber of Commerce, as a current board member for the Massachusetts Banker’s Association, and as a trustee of the Essex National Heritage Commission. He currently serves as chairman of the Board of Trustees for Anna Jacques Hospital in Newburyport.
Tierney, his successor, a North Shore native and resident, has more than 35 years of community banking and financial industry experience. Tierney said, “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.”
North Shore Bank is a full-service community bank based in Peabody and serving the personal and business banking needs of the North Shore, eastern Massachusetts and southern New Hampshire. Established in 1888, the bank operates out of 12 area offices, located in Beverly, Danvers, Merrimac, Middleton, Peabody, Salem, Saugus and Newton, N.H.