banking

Citizens’ R.I. chief to join Wash. Trust

MarcAurele expected to move from COO to CEO next spring

COURTESY WASHINGTON TRUST
JOSEPH MARCAURELE, WHO HAS LED Citizens Bank in Rhode Island since 2001, will become president and chief operating officer of Washington Trust in September.
Posted 7/24/09

WESTERLY – Joseph J. MarcAurele, president of Citizens Financial Group Inc.’s Rhode Island division, will become a top executive at The Washington Trust Co. in September.

Today’s announcement by the bank’s parent, Washington Trust Bancorp Inc., of MarcAurele’s hiring follows a months-long search by the board of directors of Washington Trust (Nasdaq: WASH), which started looking for new leaders last winter after both Treanor and John C. Warren, the bank’s chairman and CEO, announced plans to retire.

Formally, MarcAurele will succeed John F. “Jack” Treanor as the bank’s president and chief operating officer on Sept. 21, with the intent being to have him take the bank’s top job next year.

“Joe has all of the qualities that make him an excellent choice for Washington Trust: He is a proven leader in the New England banking industry; he is well-respected as a community champion, and he is a Rhode Island native,” Warren said in a statement. “We are pleased to welcome Joe to our team and are confident in Joe’s ability to successfully guide Washington Trust in our third century of banking.”

MarcAurele has served as Citizens’ Rhode Island president since 2001. At one point he also served as chairman, president and CEO of Citizens Bank of Rhode Island and Connecticut. Citizens, which is owned by Royal Bank of Scotland plc, has faltered over the past year as the financial crisis badly damaged its parent company.

Before joining Citizens, MarcAurele worked for seven years at Fleet Financial Group, later acquired by Bank of America Corp., rising to senior vice president and director of human resources before his departure.

MarcAurele is a lifelong Rhode Islander. Born and raised in Pawtucket, he earned his bachelor’s degree at Holy Cross College and attended graduate school at Providence College. Before entering the banking industry, MarcAurele was an English teacher, coach and assistant principal at St. Raphael Academy in Pawtucket. He lives with his wife, Meredith, in East Greenwich.

Treanor, who announced in January that he plans to take early retirement this October, has been Washington Trust’s president and chief operating officer for the past 10 years.

Warren, the chairman and CEO, has announced that he too will retire, effective next April. His successor has not yet been appointed. Warren has held the bank’s top job since 1996.

In a phone interview, Warren said the plan is for MarcAurele to join Washington Trust as president and chief operating officer of The Washington Trust Co.; then to replace Treanor as president and chief operating officer of Washington Trust Bancorp Inc., the bank-holding company that is The Washington Trust Co.’s parent; and then to succeed Warren as chairman and CEO next spring.

Warren said MarcAurele was one of “several outstanding, excellent candidates” from both inside and outside Washington Trust who were considered by the board. “It was a tough decision,” he said, and MarcAurele “is just a wonderful choice, and we’re very excited that he said yes.”

On Tuesday, Washington Trust reported a second-quarter profit of $3.77 million, or 23 cents per diluted share, down 38 percent from the year-ago period’s $6.1 million, on revenue that fell 2.8 percent year-over-year to $44.88 million.

In 2008, the bank posted an annual profit of $22.56 million on $181.78 million in revenue. The bank’s assets totaled $2.9 billion as of June 30.

In an unrelated development, Citizens Financial Group today named Stephen R. Woods, the company’s director of mid-corporate banking, as the new president of its Massachusetts operations.

Calendar
PBN Hosted
Events

Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
  • Manufacturing Awards
    Applications are now being accepted for the 2nd Annual Manufacturing Awards. Dea ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement