The announcement follows a Nov. 15 unanimous vote of the Board of Directors of PeoplesBank. "Doug Bowen and I have worked side by side to make this institution the premier community bank in Western Massachusetts," stated LoBello. "He is a results driven, strategic and creative leader with over 30 years of progressive banking experience. Doug also has a strong connection to our community and has dedicated countless hours of volunteer service toward enhancing the quality of life in our region." In his former position of Chief Lending Officer, Bowen was directly responsible for the PeoplesBank commercial and consumer-lending portfolio of over $1 billion with much of this growth attributable to the Commercial Lending Division that he started in the late 1980s. During his tenure, the Bank has emerged as the number one residential lender in the region. Bowen's efforts have also ensured that PeoplesBank has consistently received an outstanding Community Reinvestment Act (CRA) rating. In his new role as President and Chief Operating Officer, Bowen will lead the day to day operations of PeoplesBank and oversee the Bank's expansion plans. "I appreciate the confidence the Board of Directors and Joe have placed in me," stated Mr. Bowen. "Together we have built a strong, independent bank with plans for locations in just about every corner of Hampden and Hampshire counties. As we embark on those plans, we do so with a commitment to the mutual bank model which for over 120 years has allowed us to focus on our customers rather than shareholders. It has certainly been a winning strategy for all of us customers, community, and the Bank." Bowen began his career in banking when he joined what was then known as Peoples Savings Bank in 1975 after graduating from Salem State College with a BS in Business Administration. Since that time he has held positions in virtually all of the Bank's departments. Bowen has also continued his education during this period graduating from Western New England College with an M.B.A with honors in Finance; Fairfield University, National School of Finance and Management with honors; and Dartmouth College, Tuck Executive Program. Bowen currently serves on the boards of several area community and economic development organizations including as a Trustee of Holyoke Community College, a Trustee of the Pioneer Valley Plan for Progress, a Director of Westmass Area Development Corporation, a Director for Loomis Communities, a Director of the Greater Holyoke Chamber of Commerce, a Senior Associate of the Risk Management Association, and as a member of the Executive Council of Womanshelter Campa eras. He resides in South Hadley with his wife Anna. They have two children, Michael and Mary. LoBello will continue to remain active in the overall management of PeoplesBank in his new role as Chairman and Chief Executive Officer. He joined Peoples Savings Bank in 1992 as President and Chief Executive Officer when the Bank had assets of approximately $400 million. Since that time, he has led the planning efforts and the management team that have grown the Bank into a market leader with over $1.4 billion in assets today. PeoplesBank offers a full range of personal and commercial financial products and services. Locally based since 1885, the Bank has offices and ATM locations in Amherst, Chicopee, East Longmeadow, Granby, Hadley, Holyoke, Longmeadow, Northampton, South Hadley, Springfield, and Westfield. | ||||||
