Guilford Savings Bank President and CEO Timothy P. Geelan, right, poses for a photo with his designated successor, bank COO Kyle J. Eagleson. Photo courtesy of Guilford Savings Bank

Timothy Geelan, the president and CEO of Guilford Savings Bank, is stepping down after 10 years on the job and a year of chairing the Connecticut Bankers Association.

The bank announced his decision in an email Monday.

Current Chief Operating Officer Kyle J. Eagleson will assume the role of president this month, and will succeed Geelan as CEO in March of next year, although Geelan will also continue to serve on the GSB board of directors after this.

“I want everyone to know that it has been and continues to be my privilege to serve GSB since 1994, and for the past 10 years as its President and CEO. It’s an honor to come to work every day with so many caring, dedicated people who have been part of our GSB family for all these years. I am keenly aware that none of what we’ve accomplished in my tenure was possible without the hard work and collaboration with our Board of Directors, Corporators and most importantly, our employees. Their trust and commitment are something I have never taken for granted,” Geelan said in a statement. “GSB has come a long way, and accomplished much over nearly 150 years to become the strong, stable, thriving financial institution it is today. I am thankful to all my current and past colleagues who served each other in pursuit of continuing to improve delivering on the financial wellbeing and experience for our loyal clients, non-profit partners, and our entire community.”

The bank’s announcement credited Geelan with leading the bank to roughly double its assets during his tenure, growing employee headcount by over 200 percent, expanding its branch network and leading it through the COVID-19 pandemic, when it delivered $41 million in PPP loans to 431 businesses. In addition, the announcement said, “Geelan ushered in a transformation of GSB’s retail banking model, through partnerships with MANTL, Jack Henry and others, to deploy a fully integrated, technologically advanced banking platform that delivers greater efficiency, and a frictionless customer experience.”

In a statement, GSB board chair Bill Lee said the bank had long ago planned to make Eagleson the new leader once Geelan retired.

“We are confident that Kyle is the perfect person for the position, and we look forward to working with him and Tim during this transition,” he said. “The Board thanks Tim for his many decades of service to the bank, his sharing his plans well in advance so that we can have a smooth transition and for his willingness to stay on as a director of the bank. We congratulate Kyle and look forward to working together with him for many years.”

In a statement, Geelan called Eagleson “the best person to lead GSB into the future, embodying its community roots and commitment to innovation.”

Eagleson joined GSB in 2008 as treasurer, and was subsequently promoted to his current role in 2014 and has been part of the bank’s executive leadership as first vice president, CFO and COO since 2016. He also sits on the bank’s board. He is a graduate of the University of Connecticut and the ABA Stonier Banking School and has a MS in mathematics from Southern Connecticut State University. He is also the founder of the local Eagle’s Cup Classic, a charity golf tournament named in honor of his father, a 9/11 victim.

“It’s impossible to overstate what Tim has done for GSB. With his leadership, GSB has grown stronger, and better positioned to bring community banking to all of Connecticut and its neighbors, while also remaining responsive to the evolving needs of our clients who seek forward thinking, innovative community banking,” Eagleson said in a statement. “He has served GSB well and set our organization up for continued success. I am humbled by this opportunity, but also emboldened to deliver on our shared vision, and continue to work with our employees, Board of Directors, Corporators and our communities, to move our tremendous institution forward.”