Garvey Ousted From Flagship
Add James Garvey, now the former president and CEO of Worcester-based Flagship Bank & Trust Co., to the list of top Central Massachusetts bank executives to leave their jobs in recent months.
Flagship officially became a division of Peoples United Bank Jan. 1, a year after it was acquired by the Bridgeport, Conn.-based bank. This afternoon, People's spokesman Valerie Carlson said Garvey's "position was eliminated" for "efficiency purposes."
Flagship was a subsidiary of People's for a year before becoming a division.
Flagship was part of People's acquisition in Jan. 2008 of Vermont-based Chittenden Corp. Also part of that acquisition was the Bank of Western Massachusetts. Carlson said Timothy Crimmins, the 40-year Massachusetts banking veteran who co-founded the Bank of Western Massachusetts 20 years ago would be president of that bank and Flagship.
Carlson said People's "has an ongoing process of reviewing our businesses' operating efficiency." She said the company decided that its two Massachusetts banks could be managed more efficiently by a single president.
Garvey's departure is the latest in a flurry of local top bank executive resignations that began in the fall.
In late September, Pamela Montpelier stepped down as CEO of troubled Strata Bank in Medway and was replaced by Edward Hjerpe III, an experienced bank executive who had headed the Massachusetts and Rhode Island operations for Webster Financial Corp. of Waterbury, Conn.
Strata is in the process of being acquired by Natick-based Middlesex Savings Bank.
On Nov. 26, Kenneth R. Cole resigned as president and CEO of Milford National Bank & Trust. He was replaced by acting president and CEO Kristen Carvalho in early December. Carvalho had been Milford National's senior vice president and senior loan officer.
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