Founder and CEO of local bank retiring at end of year
2019 has become the year for CEO retirements when it comes to two local banking giants.
Earlier this fall, Columbia Bank announced the retirement of its CEO, Hadley Robbins.
On Monday, Commencement Bank formally announced the retirement of its CEO, Hal Russell, effective Dec. 31.
The new CEO, set to step into the role on Jan. 1, is current president and chief operating officer John Manolides, who also happens to be the bank’s co-founder alongside Russell.
“I’ve had the honor of working next to Hal Russell from the beginning,” Manolides said in a statement. “I look forward to continuing the bank’s growth while preserving the outstanding service we’re known for and evaluating new opportunities to remain relevant in the ever-changing banking industry.”
The transition plan between Russell and Manolides has been in place since the end of 2017, according to the bank, whose board appointed Manolides as Russell’s successor “with unanimous support and approval.”
The bank was founded in 2006, ahead of the Great Recession. It now serves Pierce, South King and Thurston counties.
Russell, in a statement, said: “This has been more than just a title for me, it has been the realization of an idea John Manolides and I formulated years ago. ... I’ve had the pleasure of working with a tremendous team who is deeply committed to our clients and strengthens our local communities by going above and beyond to improve their economies.”
He added that “John has been with me since the beginning and has played an extremely important role in the operations of the bank. I’m confident in a successful future under his leadership and guidance.”
Don’t count Russell completely out: Thomas Valentine, longtime chairman of the bank’s board of directors, also is retiring before the end of the year due to age limits for serving on the board. Upon his departure, Russell will succeed him as chairman, a move that also won board approval.
This story was originally published November 25, 2019 at 1:47 PM.
