Image | Courtesy of Country Bank
Mary McGovern, president and CEO of Country Bank
July 11, 2024
Longtime Country Bank CEO retiring, president to assume top role
Photo | WBJ file
After 28 years at Country Bank and 48 years in the financial services industry, CEO Paul Scully is retiring from his role as CEO of the Ware-based financial institution.
After 28 years at Country Bank and 48 years in the financial services industry, CEO and President Paul Scully is calling it a career.
Scully will be heading into retirement effective July 31, with President Mary McGovern assuming the additional role of CEO, according to a press release issued by the Ware-based bank on Wednesday. McGovern becomes the first female CEO in the 174-year-old bank’s history.
“As I retire, I leave with a deep sense of gratitude for the opportunity to serve as Country Bank’s CEO for the past 20 years and with the utmost respect of my successor, Mary McGovern, and the entire Country Bank team to continue the Bank’s legacy of excellence,” Scully said in the press release.
Scully, who is a Worcester resident, expanded Country Bank’s presence in Central Massachusetts, which included becoming one of the founding sponsors of the Worcester Red Sox and opening branches in the region.
Scully began his career in banking as a part-time teller while attending Bentley University in Waltham. He joined Country Bank in 1998, according to his LinkedIn profile, rising to the role of president in 2004 and adding the title of CEO in 2005.
McGovern took over the role of president from Scully in April. She holds an MBA in accounting and finance from Babson College in Wellesley and a bachelor’s degree in mathematics from Emmanuel College in Boston, according to her LinkedIn page.
McGovern joined the bank in 2011. She has previously served as executive vice president, chief financial officer, and chief operating officer for Country Bank. In addition to being the first woman president of the 174-year-old bank, she will now be its first woman CEO when she takes over on Aug. 1.
“I am honored to have worked alongside Paul for the past 13 years,” said McGovern. “As I assume the organization’s leadership, I am dedicated to the Bank’s continued growth and supporting our customers, community, and team members.”
Founded in 1850, Country Bank is the 25th largest bank in Central Massachusetts when ranked by local deposits, as it has local deposits of $357.7 million as of June 30, 2023, according to the WBJ Research Department. The bank has $1.9 billion in assets as of March 31, according to data from the Federal Deposit Insurance Corp.
Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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