BURLINGTON, Vt., Jan. 7 /PRNewswire-FirstCall/ -- Chittenden Corporation
(NYSE: CHZ) announced today Lawrence W. DeShaw, President and CEO of
Chittenden Bank, will retire at the end of the first quarter of 2005, after 34
years of dedicated service.
"This decision did not come easy, after 34 years of service to Chittenden.
Chittenden Bank means a great deal to me and I will truly miss everyone I have
worked with over the years. I have chosen to make this transition at a time
when Chittenden is strong and stable. The senior management team is
knowledgeable and fully committed to our customers. Our Board of Directors is
engaged and experienced in all of the facets of business in the communities we
serve," said DeShaw.
Mr. DeShaw joined Chittenden in 1971, as a Loan Officer in the Personal
Credit Department and later that year was promoted to Treasurer. Over the
next 6 years, Mr. DeShaw was promoted to Assistant Vice President in the
Personal Credit Department and then Vice President of the Commercial Loan
Department. In 1983, he was promoted to President of Mountain Trust Company,
an affiliate of Chittenden Trust Company at the time. In 1985, Mountain Trust
Company was merged into Chittenden and Mr. DeShaw returned to Commercial
Lending. Soon after, he was promoted to the President of Chittenden's
Mortgage Company, where he remained for 2 years. Mr. DeShaw was then promoted
to Executive Vice President in charge of Operations and Technology for the
Corporation and in January of 2003, he took over the Presidency of Chittenden
Bank.
Throughout his career, Mr. DeShaw has taken Chittenden through many
difficult and exciting times. In 1971, Chittenden's assets were $173 Million.
Between 1971 and today Chittenden has acquired 10 banks and has grown the
assets of Chittenden Bank to $3 Billion and Chittenden Corporation, the parent
company to $6.1 Billion. In 1971, Chittenden Bank had 14 locations. Today,
they cover nearly every corner of Vermont with 51 locations.
Mr. DeShaw has been a key part of the Executive Management Team of
Chittenden Corporation. He has aided in launching new products and services
to our customers, merged several acquired banks and most recently was involved
in a significant system wide conversion.
"At Chittenden Corporation, we all share a sense of sadness as Larry
retires. We wish to thank him for his valuable contributions to Chittenden
and its clients," commented Paul Perrault, Chairman of Chittenden Corporation.
ABOUT CHITTENDEN BANK
Chittenden Bank is a full-service, Vermont-headquartered and managed bank
providing a wide range of financial services and products to individuals and
businesses. As the largest Vermont-based bank in the state, Chittenden offers
51 locations. To find out more about Chittenden, visit our website at
http://www.chittenden.com or call your local branch.
ABOUT CHITTENEDEN CORPORATION
Chittenden Corporation is a bank holding company headquartered in
Burlington, Vermont. Through its subsidiary banks(1), the Company offers a
broad range of financial products and services to customers throughout
Northern New England and Massachusetts, including deposit accounts and
services; commercial and consumer loans; insurance; and investment and trust
services to individuals, businesses and the public sector.
(1) Chittenden's subsidiaries are Chittenden Bank, The Bank of Western
Massachusetts, Flagship Bank and Trust Company, Maine Bank & Trust Company and
Ocean National Bank. Chittenden Bank also operates under the name Mortgage
Service Center and it owns Chittenden Insurance Group and Chittenden
Securities, Inc.
Media Contact:
Kathleen L. Schirling, Senior Vice President
Director of Marketing
Kschirling@chittenden.com
Phone: 802-660-1363
Fax: 802-660-1285
SOURCE Chittenden Corporation
 back to top
Related links:
http://www.chittenden.com
Company News On-Call:
http://www.prnewswire.com/comp/124292.html
CONTACT:
Kathleen L. Schirling, Senior Vice President,
Director of Marketing of Chittenden Corporation,
Kschirling@chittenden.com, +1-802-660-1363
|
