SKOWHEGAN, MAINE Skowhegan Savings Bank announced today that John Witherspoon, president and CEO, will retire at the end of the year. David Cyr, executive vice president, has been appointed by the bank’s board of directors as the bank’s new president.
When Witherspoon steps down at year’s end, Cyr will assume the additional role of CEO. Witherspoon will continue to serve on the bank’s board of directors.
Witherspoon was appointed president and CEO of Skowhegan Savings Bank in 2007. Under his leadership, Skowhegan Savings has grown from a $388 million mutual savings bank to a nearly $600 million company with a capital base of $87 million. He led the bank’s expansion into western Maine and Augusta.
The bank’s charitable foundation was established by Witherspoon and now exceeds $2 million in assets. Over the last 12 years, the bank has been recognized for its commitment and support of career readiness and financial literacy programs. In 2013, the bank was awarded the national honor of the ‘Corporate Above and Beyond’ by Jobs for American Graduates.
A long career in finance
With a distinguished career in Maine’s financial services sector spanning 40 years, Witherspoon began his banking career in 1979 at Kingfield Savings Bank. In 1984, at the age of 27, he was named president and CEO of that institution and served in that capacity until 2000, leading it through major acquisitions and a merger. In 2003, he became the chief executive officer of the Finance Authority of Maine.
Witherspoon has served as president of the Maine Association of Community Banks and as director of the Maine Bankers Association. He serves on the board of directors of the Federal Home Loan Bank of Boston. He is also active in his community and serves on the boards of the Maine Community Foundation, Maine Huts and Trails and Redington Fairview Hospital.
“On behalf of the board of directors of Skowhegan Savings Bank, I want to thank John for his many years of dedicated service,” said Rick Anzelc, the bank’s board chair. “John has made a significant impact at Skowhegan Savings over the last 12 years. He is highly regarded for his unwavering commitment to his customers and for his inspirational open-door, straight-forward management style that has endeared him to all of the bank’s employees. John will be missed, and it has been an honor to work with him.”
New president ready for the challenge
Cyr, formerly executive vice president of Skowhegan Savings, is now the bank’s 13th president. He has more than 30 years of banking experience and has been with the bank since 2005.
Prior to joining the bank, Cyr worked in a variety of leadership roles at several institutions, primarily within the community banking arena. He spent several years at the Finance Authority of Maine supporting the state’s efforts to expand banking to businesses that needed outside support to obtain financing.
Cyr grew up in Aroostook County and earned his bachelor’s degree in public accounting from Husson University. He is a member of the board of directors of Good Will-Hinckley and the Maine Academy of Natural Sciences. “I am truly honored and excited to be given the opportunity to lead the great team at Skowhegan Savings. We have a bright future ahead,” he said.
In preparation for the leadership change, Witherspoon and Cyr have been closely working together over the last three years in an effort to make the transition seamless for the bank’s customers and employees and will continue to do so until the end of the year.
“David is well prepared to assume the duties of president and CEO,” said Anzelc. “He is the right person to succeed John and we know his leadership experience will continue to help guide Skowhegan Savings toward continued growth, outstanding customer service and community involvement.”