Lowell Five Bank today announced that Robert A. Caruso, Chairman of the Board of Directors, will retire effective December 1, 2024. Mr. Caruso has been with the Bank since 1978 in a variety of key positions and was Chief Executive Officer from 1996 to 2014.
President and Chief Executive Officer Jay Stephens remarked, “I know I speak for all the Bank’s stakeholders in expressing sincere gratitude for Bob’s leadership and unwavering commitment to the Lowell Five for the last 45 years. During Bob’s tenure, the Bank has grown from $150 million in assets to nearly $1.7 billion. But most importantly, Bob developed and fostered the family-oriented culture that our employees know today.”
In conjunction with Mr. Caruso’s retirement, the Board of Directors unanimously voted that James C. Shannon, III, CPA, assume the role of Chairman upon Mr. Caruso’s retirement date. Mr. Shannon is a member of the Bank’s Executive Committee and has been a member of the Board of Directors since 1994.
In the appointment of Mr. Shannon, Caruso remarked, “The succession planning of key positions in management and the Board of Directors is critical to the success of any institution. Since 1854, the Bank has been a pillar in the communities we serve. I have no doubt that Jim will continue with the traditions and principles that have made Lowell Five what it is today.” In speaking of Bob’s tenure as CEO for 18 years and his role as Chairman for 22 years, Shannon stated, “The Bank has been very fortunate to have Bob’s steady hand guiding us through some challenges, many successes, and extraordinary growth. The Bank owes Bob an incredible amount of gratitude, and I hope his retirement is full of many family memories and good health. I have big shoes to fill and look forward to continuing the many initiatives Bob has presided over during his extremely successful tenure.”
August 14, 2024