Gorham Savings Bank President and CEO Christopher Emmons plans to retire in December after 15 years as the bank’s top executive, the bank said Monday. Former Gorham Savings Vice President Stephen deCastro has been promoted to president effective Monday in anticipation of Emmons’ departure, it said.

Before joining Gorham Savings in 2016, deCastro was senior vice president at Key Private Bank in Portland, where he led the 26-person New England wealth management team with $1.3 billion under management.

“I don’t think I’m overstating it by saying I am humbled and honored to accept this new role at Gorham Savings Bank,” deCastro said in a statement. “When I joined two years ago I knew this was a special place, with dedicated people and a long track record of doing right by its customers – Chris has done a great job. I look forward to the challenges and opportunities ahead, and doing what I can to help the bank build upon its great legacy.”

During Emmons’ tenure, which began in 2003, Gorham Savings has more than doubled in asset size, eclipsing $1 billion in assets in 2017, while growing from six to 13 branch locations. The Gorham-based bank was founded in 1868.

Emmons led the bank through a period of significant change, including the bank’s successful navigation through the recession of 2008 and rapid advancements in personal banking technology. Emmons, who started in banking as a commercial lender, also directed the bank’s pivot to a business lending focus.

Gorham Savings’ commercial loan portfolio has grown to more than $600 million from a fraction of that number, the bank said. Emmons also championed the creation of Gorham Savings’ business competition, called LaunchPad, which has awarded more than $200,000 in grant money to Maine small businesses.

Gorham Savings said it also has chosen board member and Vice Chair Kathy Coster to become the bank’s new board chair effective this month. Coster has served on the bank’s board of directors for six years and is vice chair of Maine Medical Center’s board of trustees, and former board chair for the Boys and Girls Club of Southern Maine.

J. Craig Anderson can be contacted at 791-6390 or at:

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