Harford Bank Announces Executive Succession

From Harford Bank: Harford Bank announces that Charles H. Jacobs, Jr., will step down as the Bank’s President effective July 1, 2019, in connection with his planned retirement on December 31, 2019 and will be succeeded by Michael F. Allen, who currently serves as the Bank’s Chief Operating Officer.

Between July 1, 2019 and his retirement date, Mr. Jacobs will remain employed by the Bank as a Senior Advisor, in which capacity he will facilitate the management transition and provide other valuable services to the Bank. Mr. Jacobs will continue to serve on the Board of Directors following his retirement.

“Chuck has expertly guided Harford Bank to significant growth and success during his tenure, forming and leading a talented management team in the delivery of strong and consistent returns to our stockholders,” said John S. Karas, Chairman of the Board of Directors of Harford Bank. "Under his leadership, the Bank has added branches, materially grown assets and deposits, and built a significant reserve of capital. While Chuck will certainly be missed, I am wholly confident in the leadership of Mike Allen as he assumes the role of President of Harford Bank. He has over 34 years of banking experience in various leadership roles, and Chuck and I, as well as the entire Board, feel Harford Bank is in excellent hands."

Mr. Jacobs began his career at Harford Bank in October 1976 and was appointed President in October 1999. Under his leadership, the Bank achieved steady growth in earnings, assets, physical locations, and products and services offered. When he joined the organization, Harford Bank had two branches and $8.4 million in assets. As of March 31, 2019, the Bank had seven branch locations in Harford County, one branch in Cecil County, and $368.7 million in assets. Mr. Jacobs has always emphasized the importance of supporting the community that created Harford Bank, and that core value has become a central part of the Bank’s culture.

In addition to his work with the Bank, Mr. Jacobs currently is a member and past Chairman of the Aberdeen Economic and Development Committee and a member and past President of the Aberdeen Lions Club. Long an active volunteer, he also served as Chairman of the Aberdeen Centennial Committee, member of the Harford Community College Foundation Board, board member and Chairman of the Harford County Chamber of Commerce, Chairman of the Aberdeen High School Stadium Committee, member of Aberdeen’s All-American City Committee, and numerous other volunteer and philanthropic organizations.

“This transition is the culmination of the succession plan the Board and I initiated over three years ago,” said Mr. Jacobs. “I am grateful for the opportunity the Bank has given me to serve Harford and Cecil Counties and to contribute to the economic growth of the region. I look forward to continuing to work closely with Mike and support the Harford Bank team as they pursue our strategic goals of growth, enhanced earnings, and service to our communities.”

For more information about Harford Bank, please visit our web site at HarfordBank.com.