The president and chief executive of Bar Harbor Bankshares (BHB) in Maine will retire in June.
Joseph M. Murphy has held those positions at the company and its Bar Harbor Bank & Trust unit since 2002. The $1.2 billion-asset company's board has established a succession committee to evaluate internal and external candidates, Bar Harbor said Monday. It has hired Kaplan Associates of Philadelphia to help in the search.
Murphy will continue as a board member following his retirement. Bar Harbor expects to nominate him for reelection at its next annual meeting. He was listed as 69 years old at the meeting last spring.
"We sincerely appreciate Joe's years of service to the company and the bank," Chairman Peter Dodge said in a news release. "Notably, his leadership as CEO over the past several years has provided a positive and stable influence for the company and its shareholders during what has been a challenging time for the banking industry. Joe's leadership has positioned the company very well for future growth and performance."
Bar Harbor reported third-quarter income of $3.4 million, up almost 12% from a year earlier. For the first nine months of the year, it earned $9.6 million, up roughly 11% from the same period a year earlier.
The leadership transition coincides with "several important milestones in [Bar Harbor's] development," including balance sheet growth, establishment of a strong capital base and improvements in its branches, Murphy said in a news release. Bar Harbor purchased Border Trust Co. in Augusta, Maine, this year.