Daily News

Incoming Florence Bank President Committed to Remaining Independent

FLORENCE — Florence Bank’s incoming President and CEO Kevin Day said his 11 years with the bank will allow for a smooth transition for employees, customers, and the community. He stressed that he and the board are committed to keeping the bank independent.

“Where the bank is and where it is going will not change. I am 100% committed to the mutual form of ownership,” Day said. “Remaining mutual is what allows our culture to exist. As a mutual bank, we can’t be forced into a sale or merger with another bank. We have the flexibility to do what is right, not just what’s profitable.”

Drawing on the bank’s popular and unique “Always” branding, Day added, “that should give all stakeholders comfort that Florence Bank will always be Florence Bank.”

Day has 37 years in the banking industry and has been in senior management for 34. He came on board at Florence Bank in 2008 as chief financial officer, responsible for finance, facilities, and risk management. His responsibilities expanded to include compliance in 2013, residential lending in 2014, and retail banking in 2016.

When he was promoted to executive vice president, also in 2016, Day was supervising 90% of the bank’s personnel.

“I’ve been part of every major decision at the bank for 11 years,” Day said, noting that he’s been significantly involved in the bank’s expansion into Hampden County, where two branches now exist in West Springfield and Springfield; a third branch will open in Chicopee in 2020.

Immediately after earning his bachelor’s degree in business administration at UMass Amherst, Day worked for five years as a CPA for the accounting firm Arthur Young & Co. In 2016, he graduated from the Executive Development Program at the University of Chicago Booth School of Business, and he is a 2018 graduate of the ABA Wharton Executive Leadership Program at the University of Pennsylvania.

Day became president on Jan. 29, replacing John Heaps Jr., the longest-serving president and CEO of Florence Bank. When Heaps retires on May 1, Day will also become CEO.

Active in the community, Day is currently a member of the board of directors and the finance committee for United Way of Hampshire County, a board member for the Springfield Rescue Mission, a member of the finance committee for Westfield Evangelical Free Church, and board president for the Northeast Center for Youth and Families.

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