Guilford Savings Bank President & CEO Announces Retirement

GUILFORD, CT — The Guilford Savings Bank (GSB) Board of Directors announced that they approved a succession plan offered by President & Chief Executive Officer Timothy Geelan to retire as CEO and President of GSB, effective March 2025.

With this plan, current Chief Operating Officer Kyle J. Eagleson will assume the role of president in January 2024 and will succeed Geelan as CEO in March 2025. Geelan will also continue to serve on the Board of Directors after his time as CEO is completed.

"I want everyone to know that it has been my privilege to serve GSB since 1994 and for the past ten years as its President and CEO. It’s an honor to come to work every day with so many caring, dedicated people; 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," Geelan said in a news release. "I am thankful to all my current and past colleagues who served each other in pursuit of continuing to improve delivering on the financial well-being and experience for our loyal clients, non-profit partners, and our entire community."

During his tenure, GSB said in a news release, Geelan was instrumental in several strategic bank achievements and initiatives, including growing the institution from under $560 million to over $1 billion in assets, increasing the number of employees by nearly 205 percent, expanding its branch network, investing in digital transformation for delivering a seamless customer experience.

Geelan expanded upon the nank’s commitment to community reinvestment through financial contributions and volunteerism and its employees with the creation of its PEAK (Performance, Education, Accountability, Knowledge) program and the adoption of the Servant Leadership model.

"The board thanks Tim for his many decades of dedication, leadership, and service to the bank," added GSB Board Chairman William "Bill" Lee, in a news release.

"In addition, we appreciate 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," Lee said.

GSB was founded in 1875 by local business owners, and has grown to an eight-office, $1 billion bank, offering digital and virtual banking services to clients throughout the state of Connecticut.

There are GSB offices in Guilford, Northford, North Haven, Madison, Branford and Old Saybrook.