Chittenden Bank Announces the Retirement of President and CEO Lawrence
W.
DeShaw
BURLINGTON -- Chittenden
Corporation
(NYSE: CHZ) has announced that Lawrence W. DeShaw, President and CEO of
Chittenden Bank, will retire at the end of the first quarter of 2005,
after 34 years of dedicated service.
"This decision did not come easy, after 34 years of service to
Chittenden.
Chittenden Bank means a great deal to me and I will truly miss everyone I
have worked with over the years. I have chosen to make this transition at
a time when Chittenden is strong and stable. The senior management team
is knowledgeable and fully committed to our customers. Our Board of
Directors is engaged and experienced in all of the facets of business in
the communities we serve," said DeShaw.
Mr. DeShaw joined Chittenden in 1971, as a Loan Officer in the
Personal
Credit Department and later that year was promoted to Treasurer. Over the
next 6 years, Mr. DeShaw was promoted to Assistant Vice President in the
Personal Credit Department and then Vice President of the Commercial Loan
Department. In 1983, he was promoted to President of Mountain Trust
Company, an affiliate of Chittenden Trust Company at the time. In 1985,
Mountain Trust Company was merged into Chittenden and Mr. DeShaw returned
to Commercial Lending. Soon after, he was promoted to the President of
Chittenden's Mortgage Company, where he remained for 2 years. Mr. DeShaw
was then promoted to Executive Vice President in charge of Operations and
Technology for the Corporation and in January of 2003, he took over the
Presidency of Chittenden Bank.
Throughout his career, Mr. DeShaw has taken Chittenden through many
difficult and exciting times. In 1971, Chittenden's assets were $173
Million. Between 1971 and today Chittenden has acquired 10 banks and has
grown the assets of Chittenden Bank to $3 Billion and Chittenden
Corporation, the parent company to $6.1 Billion. In 1971, Chittenden Bank
had 14 locations. Today, they cover nearly every corner of Vermont with
51 locations.
Mr. DeShaw has been a key part of the Executive Management Team of
Chittenden Corporation. He has aided in launching new products and
services to our customers, merged several acquired banks and most recently
was involved in a significant system wide conversion.
"At Chittenden Corporation, we all share a sense of sadness as Larry
retires. We wish to thank him for his valuable contributions to
Chittenden and its clients," commented Paul Perrault, Chairman of
Chittenden Corporation.
ABOUT CHITTENDEN BANK
Chittenden Bank is a full-service, Vermont-headquartered and managed
bank
providing a wide range of financial services and products to individuals
and businesses. As the largest Vermont-based bank in the state, Chittenden
offers 51 locations. To find out more about Chittenden, visit our website
at http://www.chittenden.com or call your local branch.
ABOUT CHITTENDEN CORPORATION
Chittenden Corporation is a bank holding company headquartered in
Burlington, Vermont. Through its subsidiary banks(1), the Company offers
a broad range of financial products and services to customers throughout
Northern New England and Massachusetts, including deposit accounts and
services; commercial and consumer loans; insurance; and investment and
trust services to individuals, businesses and the public sector.
(1) Chittenden's subsidiaries are Chittenden Bank, The Bank of Western
Massachusetts, Flagship Bank and Trust Company, Maine Bank & Trust Company
and Ocean National Bank. Chittenden Bank also operates under the name
Mortgage Service Center and it owns Chittenden Insurance Group and
Chittenden Securities, Inc.