BAR HARBOR, Maine — Joseph Murphy has announced his plans to retire as CEO of Bar Harbor Bankshares, parent company of Bar Harbor Bank & Trust, after a decade at the bank’s helm.
Murphy, who has served as CEO since 2002, will step down in June 2013, leaving the company time to develop a succession plan, according to a media release. Murphy has expressed interest in remaining on the bank’s board after relinquishing the CEO title.
In announcing his resignation, Murphy thanked his management team for helping the bank reach several milestones during his tenure, including the successful navigation of the Great Recession and “a decade of consistent balance sheet growth and improvements in profitability and shareholder returns.”
“With these milestones accomplished, we are prepared to turn over executive management of the company to a new generation of leadership, whose goals will include sustaining the strong corporate culture we have built while providing the vision to deliver new opportunities and growth to our shareholders, customers, employees and communities,” Murphy said in a statement.
Peter Dodge, chairman of the bank’s board, said in a statement that Murphy’s leadership “has provided a positive and stable influence for the company and its shareholders during what has been a challenging time for the banking industry.” He said the bank is well positioned “for future growth and performance.”
The bank’s board has formed a succession committee to spearhead the search for a new CEO, which will begin this month. Both internal and external candidates will be considered, according to the release. The bank has hired Philadelphia-based Kaplan Associates Inc. to help in the executive-search process.
Bar Harbor Bankshares, which trades on the New York Stock Exchange under the symbol “BHB,” reported net income for the quarter ending Sept. 30 of nearly $3.4 million, a 11.9 percent increase from the same quarter last year.
The bank is celebrating its 125th anniversary this year, having been founded in 1887. It currently has 15 bank branches in Down East, midcoast and central Maine. Earlier this year, it acquired Border Trust Co.’s three branches in central Maine.