The CEO and president of 1st Colonial Bancorp Inc. and its subsidiary, 1st Colonial Community Bank, will retire in 2020.
The Collingswood-based banking institution said on Friday Gerard M. Banmiller will leave his post in the fourth quarter of next year.
“I wanted to provide our board, employees, customers and shareholders with sufficient notice of my planned retirement so that we can adequately plan for a smooth transition. I have thoroughly enjoyed my 50 years in banking and plan to keep doing so through the end of next year. I believe our current management team is excellent, and that when I do retire the bank will be in very capable hands. We may also add to that management team if the Board locates an exceptional candidate,” Banmiller said.
The company’s board of directors has begun a succession plan and has engaged Kaplan Partners, a executive search firm, to assist in the transition.
“We have had an excellent 20 years under Gerry’s leadership, and sincerely appreciate him providing us with sufficient time to plan for this transition. We are pleased that Kaplan Partners has agreed to assist us with this endeavor,” Linda Rohrer, chairman, said.