Norwich - The impending retirement of two key executives at Dime Bank has set the stage for a consolidation of the financial institution's lending department and the addition of a credit department.
The bank announced this week the planned retirements of two senior vice presidents, Charles O. Treat Jr. and Robert C. Giffen. Treat, who will be retiring at the end of this month, has been heading up the residential lending department, while Giffen, who plans to leave the bank in June 2013, led the commercial lending line.
At the same time, the bank announced the promotion of two vice presidents, Brian P. McNamara of Oakdale and Anthony Joyce III of Uncasville, to senior management positions effective July 1. McNamara will be in charge of consolidating the residential and commercial lending departments under his leadership, while Joyce will head a new credit administration department in charge of loan underwriting, processing, servicing, collections, compliance and quality control.
"We are lucky to have the depth of talent and experience within our organization and are thrilled to provide opportunities for these highly qualified and dedicated officers," said Nick Caplanson, president and chief executive of Dime Bank, in a statement.
McNamara, who has been with the bank for 13 years, had previously been vice president for commercial lending, as had Joyce, a 29-year banking veteran who came to the Dime in 2010.
The bank said Giffen remains a senior vice president and senior loan officer and will help oversee the transition of McNamara and Joyce into their new positions.
"Creating these two new areas enables the bank to centralize some key services, work more closely with all its customers across multiple business lines and continue to position the bank as a leader in community banking," the Norwich-based financial institution said in a statement.
As part of the succession plan, residential loan officers Denise Magario and Karen Roman have been promoted to senior positions.
Dime Bank, with $700 million in assets, was established in 1869. It maintains 11 branches throughout southeastern Connecticut and in Westerly.