bankHometown News

bankHometown CEO to Retire

Oxford, Massachusetts – bankHometown announced that Michael D. Hewitt, its President and Chief Executive Officer, has decided to retire on June 30, 2018. Sam S. Pappas, Chairman of the Board, stated that “We have been very fortunate to have Mike Hewitt as the leader of our Bank since 2013. His vast banking experience and strong leadership will be missed by us all.  We wish Mike all the best in retirement.”

Mike Hewitt joined the Bank in 2011 and was appointed President and Chief Executive Officer in 2013. The Bank has more than doubled in size under his leadership and is widely considered to be one of the best performing banks in the region. Mr. Hewitt added that “I have truly enjoyed my time at bankHometown. I am grateful for having had the opportunity to work closely with the dedicated professionals on bankHometown’s Board of Directors over the past five years. It goes without saying that I will miss my daily interactions with bankHometown’s exceptionally talented staff and management team. With that said, after 40 years in banking, I am excited to turn my attention to spending more time with my family.”

To provide continuity and maintain the Bank’s strategic direction, the bankHometown Board of Directors has chosen to fill Mike Hewitt’s role with Matthew S. Sosik, the President and Chief Executive Officer of bankHometown’s mutual holding company. Mr. Pappas added that “This decision maximizes our flexibility and leaves many strategic opportunities available to us. Matt formerly served as President and Chief Executive Officer of bankHometown for a period of 17 years up until 2013. We are fortunate to have someone with the familiarity and experience  with bankHometown who can seamlessly fill Mike’s role upon his retirement.”

bankHometown is headquartered in Oxford, Massachusetts and has $735 million in assets. In 2016, bankHometown merged its mutual holding company with that of bankESB, a $1.35 billion bank headquartered in Easthampton, Massachusetts. The two banks are now both subsidiaries of Hometown Financial Group, MHC, a $2.2 billion mutual holding company. The two banks operate autonomously and share many of their back office and administrative resources.

Mr. Sosik stated that “We are committed to mutuality and strongly believe in the value of our mutual holding company model. We hope to attract other like-minded banks into our growing and successful company as scale and size have become critical elements of being successful in today’s banking environment.” Sosik further added that “As excited as I am about the future of our mutual holding company and our two affiliate banks, I am truly excited for Mike on his upcoming and well deserved retirement.  Mike is a great banker, but he’s an even better  person, and all of us wish him the very best in his retirement later this year.”

bankHometown has served its communities since 1889 and operates thirteen full service offices; eight in central Massachusetts and five located in northeastern Connecticut. Depositors of bankHometown have their deposits insured by the Federal Deposit Insurance Corporation for amounts up to $250,000 with amounts in excess of $250,000 insured in full by the Share Insurance Fund, a private excess insurer.