Needham Bank Announces Retirement of Longtime Executive and Chairman of the Board Jack McGeorge; President and CEO Joe Campanelli Elected as Chairman of the Board

NEEDHAM, Mass., July 12, 2022 /PRNewswire/ -- Needham Bank announced today that Jack McGeorge, Chairman of the Board of Directors, will retire effective July 27, 2022 and President Joe Campanelli will succeed him as Chairman.

Jack, who joined Needham Bank in 1975, served as President and CEO from 2006 to 2015. He retired from those roles in 2015 and was elected Chairman of the Board. During his tenure, he expanded the Bank's market share and resources as well as its commercial real estate financing business. Jack was instrumental in cementing the Bank's reputation as "The Builders' Bank" thanks to his expertise in construction financing and close relationships with area builders. Today, Needham Bank is one of the area's premier commercial real estate lenders. 

Joe Campanelli joined Needham Bank in 2017 as Chief Executive Officer after a long and distinguished career building successful business at commercial banks including Hartford National Bank, Shawmut Bank, Fleet Bank, Sovereign Bank and Flagstar. Joe played a leadership role in the branch acquisition and integration that took place when Sovereign Bank acquired the branches that Fleet Financial Group divested after its merger with Bank Boston Corp., which at the time was the largest branch and business divestiture in US banking history. As Chairman, CEO and Director of Flagstar Bank, Joe led a turnaround to restore the bank to profitability.

An energetic and charismatic leader, Joe has a track record of leading transformational change. At Needham Bank his focus has been on creating a future-ready super community bank offering all of the products, services and technology that businesses and consumers need to build for their futures. Under his leadership, the Bank has significantly increased its commercial lending portfolio, with a focus on small business, middle market and larger corporate entities through a new Structured Finance Division. Today the Bank is able to provide substantial levels of credit and customize cash management services to a wide range of entities in diverse industries including renewable energy, manufacturing and hospitality.

"Joe is a highly qualified, experienced and capable executive who has transformed the bank in his five years as President and CEO. I feel confident in a bright and successful future for Needham Bank with Joe at the helm," commented Jack. 

Needham Bank offers an array of tech-forward products and services that businesses and consumers use to manage their financial needs. We have the financial expertise typically found at much larger institutions and the local knowledge and commitment you can only find at a community bank. Known as the "Builder's Bank," Needham Bank has been helping individuals, businesses and non-profits build for their futures since 1892. For more information, please visit https://NeedhamBank.com. Needham Bank is a member of FDIC and DIF.

SOURCE Needham Bank