First Resource Bank co-founder and CEO Glenn Marshall will retire April 1 after more than 40 years in the banking industry. Lauren Ranalli, the current president and chief financial officer, will become president and CEO upon Marshall’s retirement.
Marshall will remain on the First Resource Bancorp and First Resource Bank’s board of directors as vice chairman.
“Reflecting on my incredible journey with the bank we founded nearly 20 years ago, I am filled with gratitude for the privilege of serving as its CEO,“ Marshall said. “Together with my co-founder, Lauren Ranalli, we embarked on an ambitious mission to build a financial institution that would not only weather the storms of change but thrive in the face of them. I have every confidence that she will lead the company to even greater heights. Her leadership, unwavering determination, and deep understanding of our mission make her the ideal captain to navigate the bank through the seas of opportunity and innovation that lie ahead.”
The bank grew to $565 million in assets under Marshall’s leadership.
The bank is searching for a new CFO.
Exton, Pa.-based First Resource Bancorp is the holding company of First Resource Bank, a Pennsylvania owned and operated state-chartered bank with three full-service branches in Eaton, Wayne and West Chester.