Lincoln Bancorp in Reinbeck, Iowa, has named Sean Willett as CEO of the corporate and its financial institution subsidiary, Lincoln Financial savings Financial institution.
Willett, who has served as chief administrative officer on the $6.1 billion-asset Monetary Establishments in Warsaw, New York, since August 2017, will take the helm on the $1.9 billion-asset Lincoln subsequent week.
Monetary Establishments introduced Willett’s impending departure earlier this month. It was a part of a
At Lincoln, Willett will succeed Erik Skovgard, who resigned in June after almost a decade as CEO. Emily Girsch, who has served as interim CEO since Skovgard’s departure, will resume her place as chief monetary officer.
“I’m honored and excited to steer Lincoln Financial savings Financial institution into the following part of its journey,” Willett stated final week in a press launch. “I’m dedicated to constructing upon the strong basis that Emily Girsch and the whole group have established. Collectively, we are going to drive profitability, development, and continued success for our staff, clients, and shareholders.”
Willett’s duties at Monetary Establishments had been wide-reaching. He was answerable for company technique, digital banking and the corporate’s
Lincoln’s belongings grew from $817 million to $1.9 billion throughout Skovgard’s CEO tenure. Whereas the 121-year-old Lincoln was persistently worthwhile throughout that point, earnings did decline the previous two years as each funding and operational prices elevated sharply. After reporting report internet earnings of $17 million in 2021, the corporate noticed its revenue drop to $3 million in 2022, in line with information from the Federal Deposit Insurance coverage Corp. For the primary 9 months of 2023, internet earnings totaled $1 million.