Massachusetts mutual taps insider as its next chief

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Pentucket Bank in Haverhill, Mass., has lined up its next CEO.

The $809 million-asset mutual said in a press release Friday that Jonathan Dowst, its chief credit officer, will become its president on July 1. He will become CEO of the mutual and its holding company a year later.

Chuck Walker, the mutual's current president, will retain the same post at the holding company until mid-2021. Scott Cote, the mutual's chairman and CEO, will retire at CEO next year, though he will remain chairman.

“We are dedicated to a smooth transition for our customers, our team and the communities we serve," Walker said in the release. "We are committed to preserving our mutual bank charter, our strategic direction and our community banking culture for many years to come."

Jonathan Dowst (right) is set to succeed Chuck Walker (left) and Scott Cote as president and CEO of Pentucket Bank and its holding company.

Before joining Pentucket in early 2019, Dowst spent 30 years at Bank of America, according to his LinkedIn profile.

"With our history of growth and success, Pentucket Bank is well positioned to invest in innovative ways to further serve our customers and market," Dowst said in the release.

Pentucket's "sole interest has been and will continue to be improving the financial well-being of its customers and the communities that it serves throughout the Merrimack Valley and Southern New Hampshire," Cote added.

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Community banking Succession planning C-suite Massachusetts Mutual banks