The founder and chief executive of Bankers' Bank Northeast in Glastonbury, Conn., is retiring.

Peter Sposito will retire at the end of September, the bank said Wednesday. Sposito founded the bank in 1998 and has been its president and CEO ever since.

The bank has hired executive search firm Smith & Wilkinson of Portland, Maine, to find a replacement.

Sposito founded Bankers' Bank Northeast because he believed the region needed a lender to serve community banks and he successfully petitioned the Connecticut General Assembly to pass legislation that established its charter.

"This personal decision is one of the hardest I have had to make, because this job — this bank — is so meaningful," said Sposito in the release. "I believe that what we do benefits our clients, who in turn provide important service to their customers in a manner that the country's largest banks cannot achieve."

Bankers' Bank Connecticut has $132 million of assets and offers correspondent services to institutions in New England, New York and New Jersey.

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