Independent Banker - August 2018 - 68

The art of
RETIRING
Stepping down from a leadership position isn't easy-
especially one as all-consuming as a community bank
CEO. So, when and how do you make the break? And
what comes next? Three leaders tell us.
By Roshan McArthur * Illustrations by Randall Nelson
A CLEAN BREAK
Chris Emmons, Gorham Savings Bank
fter 15 years at the head of Gorham Savings
Bank and more than 40 years in banking,
Chris Emmons is on the verge of retirement.
Under his tenure, the southern Maine bank more than
doubled in asset size to more than $1 billion in 2017, and
went from six to 13 branch locations. It's been a great run,
so why walk away?
A
" I'm getting on in age, " he laughs. " But I've always been
very practical about what the lifecycle of a CEO should
be. Our institution has gone through quite a bit of change
in the last 15 years, and there comes a point when, as
you look at your customer base and how you do business,
as that evolves, you look for people who are going to be
successful in that environment. You always want to find
your best talent to manage and run your business. "
68 Q ICBA Independent Banker Q August 2018
When you start to reach the end of your career, Emmons
adds, you realize that some of the strategic planning
initiatives are going to take a while-and you may not
want to stick around that long. " I think you owe it to
the organization to recognize that and make room for
somebody who will be able not only to develop a plan but
to execute on it, " he says.
Emmons notified the board of his intention to retire
several years ago. " We had a very thoughtful and welldrawn-out
plan for succession, " he explains. Together, they
identified an external candidate who was a good fit: Steve
deCastro from Key Private Bank in nearby Portland. They
brought him on in 2016 as an executive in the commercial
banking area. " He became familiar with our culture, " says
Emmons. " Our board got to know him, our customers got

Independent Banker - August 2018

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Independent Banker - August 2018 - Intro
Independent Banker - August 2018 - Cover1
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Independent Banker - August 2018 - Table of Contents
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