Get out of the red six months from now.
That is Fred Viaud's goal for Glen Rock Savings Bank in New Jersey, which on Tuesday said he would be promoted to president and CEO next week. Viaud, who has been the chief operating and chief financial officer, will succeed Henry Ingrassia, who is retiring.
The $247 million-asset Glen Rock reported losses of $292,000 in the first nine months of 2016, more than double its losses in the same period in 2015, according to the Federal Deposit Insurance Corp.'s website. Viaud attributed the losses to the bank's purchase of Llewellyn-Edison Savings Bank last year. Glen Rock expects to turn a profit for the 12 months that ended June 30, the close of its fiscal year.
The outgoing chief, Ingrassia, is "leaving the bank in an advantageous spot for us to continue growing," Viaud was quoted as saying in news release about the leadership change. Despite Glen Rock's red ink lately, Viaud explained in a follow-up interview, "the merger basically tripled our capital from $11 million to approximately $33 million."
"We're well over 13% capital, which gives us the opportunity to grow our balance sheet without risking any capital," Viaud said. "What we hope to do is just to keep a slow and steady growth going forward."
He added that the bank will renovate two branches it acquired last year and move its headquarters from its current building, which dates to the bank's founding in 1922, to a facility with more parking. Glen Rock has five branches.
Viaud has worked for Glen Rock since 1992, according to his LinkedIn profile. His promotion takes effect Jan. 3.