Press Release

MountainOne's Crowe Concludes Lengthy Banking Career Highlighted by Innovation

Monday, July 16, 2012

Stephen G. Crowe, President and Chief Executive Officer of MountainOne Financial Partners, has announced the latest step in a management succession process he and the Board of Trustees embarked on in September of last year. According to the plan, Crowe will retire from MountainOne effective December 31, 2012, and an announcement regarding the next leader for MountainOne is expected in the coming weeks. Crowe will remain with the organization following his retirement, serving as a Trustee of MountainOne and a Director of Hoosac Bank.

MountainOne Financial Partners, headquartered in North Adams, includes: Hoosac Bank; Williamstown Savings Bank (A Division of Hoosac Bank); South Coastal Bank; Coakley, Pierpan, Dolan & Collins; Stevenson & Co.; and True North.

According to Dan Bosley, Chairman of the MountainOne Board of Trustees, “Steve began as CEO of Williamstown Savings Bank and he will soon retire as CEO of the MountainOne holding company that now includes Williamstown Savings as one of its subsidiaries. Steve’s conception and development of MountainOne Financial Partners was a monumental undertaking, and few understand the countless regulatory hurdles he worked through over the course of several years in order to make this new and innovative company a reality. He is leaving very big shoes to fill”

Stated Crowe, “I consider the creation of MountainOne Financial Partners to be the pinnacle of my banking career, and I am proud that I was able to serve as the company’s CEO for 10 years. I look forward to my continued service as a Trustee of the company. And, I plan to continue my active role in national banking concerns, so that I can advocate for local community banks like ours.” 

When Crowe joined Williamstown Savings Bank as CEO in 1994, the bank had $65 million in assets. Today, the banks of the MountainOne holding company have combined assets of over $850 million. Market share for the banks in the communities they serve has also increased steadily during this same time period.

Crowe’s 30-plus years of banking have been marked by innovation and a pioneering spirit. Upon joining Williamstown Savings Bank, he promptly put in place the well-received and successful Community Dividend Program (CDP). The CDP allows customers of the bank to annually select their favorite local charitable organization from a voting ballot. Funds are granted to each organization listed on the ballot based on the percentage of votes they receive. Williamstown Savings was the first bank in Massachusetts to establish such a guaranteed giving program. Since CDP voting first began in 1996, the program has awarded well over $1,000,000 to nearly 70 deserving organizations that directly benefit local community residents.

Crowe’s greatest achievement during his banking career was the development and implementation of the MountainOne Financial Partners holding company concept. The launch of MountainOne in 2002 created the first 3-bank mutual holding company in the United States. The holding company concept allowed each subsidiary to maintain its own established name, offices, and management team, but also allowed the companies to pool resources and share common, and often burdensome, expenses such as technology and compliance. In 2002, the unusual MountainOne holding company concept was featured in Banker & Tradesman and in 2006, MountainOne was included in a Community Banker magazine article titled, “Innovative Mutual Institutions.”

Noted Crowe, “One of the most important things about MountainOne is the opportunity I’ve had to work with an extremely talented group of people. Our ability to attract, retain and develop talented employees is very gratifying. It also needs to be said that I’m grateful to the Board of Trustees of MountainOne for my own personal and professional growth and the opportunities they’ve allowed me to pursue”

A Certified Public Accountant, Crowe’s resume includes a host of national and community board leadership positions. He currently serves as Treasurer of the American Banker’s Association (ABA) and also serves on the Board of Directors for the ABA’s Education Foundation. 

In the local community, Crowe serves as Chairman of the Board of Trustees for Massachusetts College of Liberal Arts, and serves on the Boards of the Massachusetts Bankers Association, the Savings Bank Life Insurance Company (SBLI), and the Federal Home Loan Bank of Boston. He is also past-Chairman of Northern Berkshire Health Systems and formerly served on the Boards of the Depositor’s Insurance Fund (DIF), the Savings Bank Employees Retirement Association, the Berkshire Chamber of Commerce, and Pine Cobble School. 

In 2009, Crowe was honored with the Faith R. Scarborough Award by the Town of Williamstown. This Community Service Award is presented annually at the Town Meeting to a recipient chosen on the basis of “demonstrated integrity, excellence and dedication in community service.” Crowe lives in Williamstown with his wife, Linda, and has two children.  

MountainOne Financial Partners, a mutual holding company headquartered in North Adams, has combined assets of over $800 million and over 220 employees. Hoosac Bank, Williamstown Savings Bank (A Division of Hoosac Bank), and South Coastal Bank provide a broad range of banking and electronic services for personal and business customers.  Hoosac Bank, established in 1848, has offices in North Adams and Williamstown as well as a lending office in Pittsfield; Williamstown Savings Bank, founded in 1892, has an office in Williamstown and a mortgage office in Bennington, VT; and, South Coastal Bank, founded in 1868, has offices in Rockland, Scituate, and Quincy.  Coakley, Pierpan, Dolan & Collins Insurance Agency, founded in 1927, and one of largest property and casualty insurance agencies in Western Massachusetts, serves personal and business customers through offices in North Adams, Adams, Williamstown, and Pittsfield. Stevenson & Co., founded in 1867, is a Division of Coakley, Pierpan, Dolan & Collins and provides property and casualty insurance through an office in Pittsfield. True North Insurance Agency, established in 1997, provides group health, life, and disability insurance through offices in North Adams, Williamstown, and Pittsfield.  True North Financial Services, a division of Hoosac Bank, offer securities and advisory services through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.