Vermont Business Magazine Mascoma Savings Bank, with branches in Vermont and New Hampshire, has announced that Clay Adams will succeed current President and CEO Stephen F Christy upon Christy’s previously announced year-end retirement following nearly 27 years in the leadership role. Adams has been the CEO at Simon Pearce in Quechee since 2012. He also has been a member of the Mascoma Savings Bank Board of Directors since 2011, and presently chairs the Bank’s Strategic Planning Committee, as well as its wealth management subsidiary, Mascoma Wealth Management, LLC, and the Mascoma Savings Bank Foundation. The Board announced the selection in late June.
Clayton Adams
“In selecting the Bank’s new President and CEO, the Board’s first priority was to find the right person to capably carry forward the values of Mascoma Savings Bank as they relate to our customers, our employees, and our communities,” stated Board Chair Gretchen Cherington, of Meriden, NH. “After a highly successful and storied tenure under the leadership of Steve Christy, the Board also looked for someone who can guide us strategically in an increasingly demanding banking environment, ensuring Mascoma’s continued success in the future. Finally, we looked for that special individual who can successfully navigate this significant transition in leadership. Clay Adams is uniquely capable in all these regards.”
The announcement of Christy’s successor follows an intensive six-month search by Mascoma’s Board of Directors, with the assistance of executive search firm Kaplan Partners of Philadelphia, Pennsylvania. The Board’s search spanned the Northeast region, and ultimately circled back, ending close to home with the selection of local business leader Clay Adams as the first choice.
Outgoing CEO Stephen Christy shared his enthusiasm with the Board’s selection as well.
“I commend the Board of Directors on its outstanding selection of Mr. Adams as the next steward of Mascoma Savings Bank. I am extremely pleased that the next CEO is someone already living in, committed to, and deeply involved in the communities that the Bank serves, and that he is someone already associated with the Bank, who understands its mission and its mutual form of ownership. Mr. Adams has demonstrated exceptional corporate leadership and caring for his co-workers in his prior work at RSG and Simon Pearce, as well as several non-profits. I am excited at the prospect of Clay Adams leading Mascoma into the future.”
Adams said, “The opportunity to serve as Mascoma’s CEO is a real honor. And following in Steve Christy’s footsteps is humbling. He and Mascoma’s leadership team have built an institution that is part of the fabric of the community. As a mutually owned bank, our mission is to serve our community, helping families and businesses improve their economic standing. I look forward to continuing to fulfill this mission. Community banking, like many industries, must constantly evolve to serve customers, respond to a changing regulatory environment and incorporate new technologies. This part of the job is what makes it both challenging and exciting.”
Adams is expected to join the Bank’s management team in the fall, and will work closely with Christy during the final months of the year before assuming the position of President and CEO on January 1, 2017.
A Norwich, VT resident, Adams perviously served for a decade as chief operating officer and then chief executive officer with RSG, Inc, a White River Junction-based consulting firm that provides strategic insights for Fortune 500 and public sector clients through advanced data modeling, market research and forecasting. During his tenure at RSG, the company was honored among the Best Places to Work in Vermont for many years.
Earlier in his professional career, Adams was with Mercer Management Consulting in Boston; Putnam, Hayes & Bartlett, an economic consulting firm in Washington, DC, and Booz, Allen & Hamilton, a consulting firm, also in Washington.
Adams holds an MBA from the Amos Tuck School at Dartmouth College in Hanover, NH, and a bachelor’s degree in government and environmental studies from Dartmouth. He also completed specialized coursework at Harvard Business School of Executive Education.
Always active in his community, Adams is a board member of the Montshire Museum of Science and the LoveYourBrain Foundation, a nonprofit organization whose mission is to improve the quality of life of people affected by traumatic brain injury. He is also a corporation member of Mt. Ascutney Hospital in Windsor, VT, and a member of the Vermont Community Foundation. He is one of several Vermont business leaders chosen by Congressman Peter Welch to serve on the Business Advisory Council, which provides guidance on economic and regulatory issues.
He is also a past member and board chair of Delta Dental Plan of Vermont, Vital Communities, and the Norwich Land Management Council. He has been a staunch supporter of the American Cancer Society, raising $70,000 by thru-hiking the Appalachian Trail and bicycling 4,100 miles across the country, during his twenties.
“As a Board, this is the most important decision we will make for many years to come. As difficult as it will be to say goodbye to Steve, we are thrilled to welcome Clay as our next President and CEO,” concluded Cherington.
Headquartered in Lebanon, New Hampshire, Mascoma Savings Bank is a $1.4 billion mutually-owned bank established in 1899 with 27 branch locations in western New Hampshire and eastern Vermont, and two loan production offices in Vermont. The Bank also offers investment services through Mascoma Wealth Management, LLC and insurance products through its wholly owned subsidiary, Centurion Insurance Group. In 2013 the Bank formed Mascoma Community Development, LLC to help raise capital, facilitate loans, and support community development throughout Northern New England.
The Bank is a member of the Federal Deposit Insurance Corporation (FDIC).
Source: Mascoma Savings Bank 6.21.2016