Maureen A. Frank will step down as president of the New Haven Bank on June 10, and step down as CEO at a yet undisclosed, later date in the year. Judith Corprew will step in to replace her as president and, later, as CEO.
The New Haven Bank announced the news in a Wednesday press release.
Frank, who will continue to serve on the Board of Directors, joined the bank in 2013. She was promoted to Acting President and CEO in November of the same year and earned the title permanently in 2014.
Corprew brings with her more than 40 years of experience in the financial industry, “with concentrations in credit, risk management, lending, compliance, and corporate governance.”
Read the full New Haven Bank press release below.
The New Haven Bank Board of Directors announced that Maureen A. Frank, President and CEO of New Haven Bank, will retire as President on June 10, 2024, and as CEO later in the year. Judith Corprew has been hired and elected as the next President of New Haven Bank and will succeed Frank as CEO upon her final retirement date.
Frank currently serves on the Board of Directors and will continue to do so after her time as CEO is complete.
“We have been the beneficiaries of the extraordinary talents of Maureen for the past 11 years, as she led a newly formed institution from infancy to significant growth and success. Her commitment to sound banking practices while continuing to meet our community mission benefits all of us in the community we serve. We look forward to her continued involvement as a member of the Board of Directors, and are excited to welcome Judith Corprew as our new President and ultimately CEO” said Rolan Joni Young, Chairperson of the Board of Directors.
“It has been my privilege to serve New Haven Bank as its President and CEO for the past 11 years. The journey has been rewarding, and I am grateful for the trust placed in me, appreciative of the support from the Board of Directors, and extremely proud of the bank’s growth and commitment to the communities we serve. I have worked with dedicated caring employees who have contributed substantially to the success of this organization” stated Ms. Frank.
Under Frank’s leadership, New Haven Bank has grown from $58 million in assets to $195 million. As a de novo institution, Frank led the bank to profitability, changed the name of the institution from Start Bank to New Haven Bank, and opened a second branch location in West Haven in 2023. Frank successfully led the bank through the pandemic with full-on participation in the Paycheck Protection Program (PPP) helping hundreds of small businesses in the Greater New Haven area. “For a bank our size, the contribution we made was significant” Ms. Frank added.
Frank, who resides in Waterbury, Connecticut, joined the bank in 2013 as Vice President of Retail and Consumer Banking. She was promoted to Acting President and CEO in November 2013, and earned the permanent position in May 2014. Her 45-year banking career started with First Federal Savings and Loan (now Webster Bank), and was followed by Executive Vice President at Centerbank, and President and CEO of Apple Valley Bank. She has spent over 45 years in the banking industry culminating in two CEO positions.
Judith Corprew has over forty years of experience in the financial industry with concentrations in credit, risk management, lending, compliance, and corporate governance. She is an industry veteran working for small and large financial institutions in a variety of senior positions. Her most recent position was a C‑suite executive for a $1 billion publicly traded financial institution.
Ms. Frank believes the Board of Directors made the right choice in selecting Corprew to succeed her. “The bank and the community will be in good hands with Judith at the helm. Judith shares a dedication in serving the bank’s community needs, having created financial literacy education programs and partnering with local non-profit organizations. Her skillset lends itself well to this financial organization that dedicates its products, services, and employees to the betterment of the community.”
About New Haven Bank
Established in 2010 and headquartered in New Haven Connecticut, New Haven Bank is a $196 million commercial bank dedicated to the greater New Haven community. As a full-service financial institution, New Haven Bank is designated as a Community Development Financial Institution (CDFI) – the only federally insured financial institution in the state of Connecticut that carries this designation. The bank provides financial services to individuals, businesses, and not-for-profit organizations through its commercial lending, corporate services, and retail banking.