MountainOne's Crowe Announces Retirement
Stephen G. Crowe will retire as CEO of the MountainOne holding company on Dec. 31.
According to the plan, Crowe will retire from MountainOne effective Dec. 31, 2012, and an announcement regarding the next leader for MountainOne is expected in the coming weeks. Crowe will remain with the organization following his retirement, serving as a Trustee of MountainOne and a director of Hoosac Bank.
Dan Bosley, chairman of the MountainOne Board of Trustees, said: "Steve began as CEO of Williamstown Savings Bank and he will soon retire as CEO of the MountainOne holding company that now includes Williamstown Savings as one of its subsidiaries. Steve's conception and development of MountainOne Financial Partners was a monumental undertaking, and few understand the countless regulatory hurdles he worked through over the course of several years in order to make this new and innovative company a reality. He is leaving very big shoes to fill."
"I consider the creation of MountainOne Financial Partners to be the pinnacle of my banking career, and I am proud that I was able to serve as the company's CEO for 10 years," Crowe said. "I look forward to my continued service as a Trustee of the company. And, I plan to continue my active role in national banking concerns, so that I can advocate for local community banks like ours."
When Crowe joined Williamstown Savings Bank as CEO in 1994, the bank had $65 million in assets. Today, the banks of the MountainOne holding company have combined assets of over $850 million. The market share for the banks in the communities they serve has also increased steadily during this same time period.
Crowe's 30-plus years of banking have been marked by innovation and a pioneering spirit. Upon joining Williamstown Savings Bank, he promptly put in place the well-received and successful Community Dividend Program. The CDP allows customers of the bank to annually select their favorite local charitable organization from a voting ballot. Funds are granted to each organization listed on the ballot based on the percentage of votes they receive. Williamstown Savings was the first bank in Massachusetts to establish such a guaranteed giving program. Since CDP voting first began in 1996, the program has awarded well over $1,000,000 to nearly 70 organizations that directly benefit local community residents.
Crowe's greatest achievement during his banking career was the development and implementation of the MountainOne Financial Partners holding company concept. The launch of MountainOne in 2002 created the first three-bank mutual holding company in the United States. The holding company concept allowed each subsidiary to maintain its own established name, offices, and management team, but also allowed the companies to pool resources and share common, and often burdensome, expenses such as technology and compliance. In 2002, the unusual MountainOne holding company concept was featured in Banker & Tradesman and in 2006, MountainOne was included in a Community Banker magazine article titled, "Innovative Mutual Institutions."
A Certified Public Accountant, Crowe's resume includes a host of national and community board leadership positions. He currently serves as treasurer of the American Bankers Association and also serves on the Board of Directors for the ABA's Education Foundation.
In the local community, Crowe serves as chairman of the Board of Trustees for Massachusetts College of Liberal Arts, and serves on the Boards of the Massachusetts Bankers Association, the Savings Bank Life Insurance Company, and the Federal Home Loan Bank of Boston. He is also past-chairman of Northern Berkshire Health Systems and formerly served on the Boards of the Depositor's Insurance Fund, the Savings Bank Employees Retirement Association, the Berkshire Chamber of Commerce, and Pine Cobble School.
In 2009, Crowe was honored with the Faith R. Scarborough Award by the town of Williamstown. This Community Service Award is presented annually at the town meeting to a recipient chosen on the basis of "demonstrated integrity, excellence and dedication in community service." Crowe lives in Williamstown with his wife, Linda, and has two children.