NORTH ADAMS -- MountainOne Financial Partners will name an interim replacement for President and CEO Thomas S. Leavitt after he leaves MountainOne on Sept. 25, according to board Chairman Daniel Bosley.
But the mutual holding company has not set a timeframe to hire a permanent successor for Leavitt, who has resigned to take a similar position in Vermont.
Bosley said the board will hold a special meeting to discuss the future of the company before it decides to look for a permanent replacement.
"Tom has put us on a tremendous trajectory the last few years with one company and one model," Bosley said. "It worked well and we need to build on that.
"We’ve been lucky in the past," he said. "We’ve had some good presidents and CEOs and Tom was an absolute jewel. We very much made the right choice then, and we want to make sure we do that again."
Leavitt, who succeeded the retired Stephen Crowe as president and CEO of MountainOne in September 2012, left to become president and CEO of Northfield Savings Bank, a $750 million mutual institution in Northfield, Vt. He is expected to succeed Northfield’s outgoing president and CEO Thomas N. Pelletier during the fourth quarter of this year.
A native of Burlington, Vt., Leavitt said he took the position because it allowed him to move closer to home. Burlington is within Northfield Savings Bank’s market area, said the 56-year-old Leavitt, who spent 16 years on the senior management team of Vermont’s Merchant’s Bank before joining MountainOne.
"At MountainOne it was a real honor to be part of a great institution with lots of moving parts and terrific people finding solutions in the market we served by pulling together in a cohesive way," Leavitt said. "That work will continue."
"I was not at all motivated to interrupt that work," he said. "It was only when this opportunity was presented to me that I had to think very deeply about the definition of home."
When he looked more deeply into the opportunity at Northfield, Leavitt said, "it was very compelling."
Bosley said Leavitt’s decision caught MountainOne by surprise because Northfield initiated the offer. "He wasn’t looking; they came after him."
But Bosley, who represented North Berkshire in the state Legislature for 24 years, said he understood why Leavitt wanted to return to his roots.
"It was an opportunity to go back to his hometown, to the place where he was born and where his parents are buried." he said. "I’ve spent my whole career trying to bring things back to North Berkshire because I love my home region.
"I understand the lure of coming home."
To reach Tony Dobrowolski: