Century Savings Bank is expanding its leadership team with two new hires.
On Monday, the South Jersey financial institution announced David Hanrahan as president and Joseph Rehm as senior vice president of commercial lending.
The president and chief executive officer role was previously one position at the Vineland-based bank, but will be split with the addition of Hanrahan. Current President and CEO David Hemple will continue as chief executive to Hanrahan’s president.
“This new structure will put tremendous experience and expertise at the helm of our bank,” said board Chairman Carl Kirstein in a prepared statement. “Both Dave Hemple and Dave Hanrahan are very successful CEOs, and their individual capabilities, skills and personalities are highly complementary of one another.
“Working together, they will be a powerful and successful team in unlocking the full potential of this unique franchise and establishing Century Savings Bank as the premier community bank in South Jersey,” he added.
Century Savings Bank said the hires bolster its strategic plan to expand the commercial lending division.
Hanrahan will oversee that segment, the expansion and development of loan products and services, and the introduction to new markets. With more than three decades of experience, Hanrahan previously served as founding president and CEO for Capital Bank of New Jersey.
Rehm also served as a member of the initial management team at Capital Bank of New Jersey, which was acquired by OceanFirst Bank in January 2019. At Century Savings, he will focus on growing the bank’s commercial client base, the bank said. He brings more than 20 years of financial experience to the position and was an NJBIZ 40 Under 40 winner in 2017.
Community bank Century Savings has six locations in South Jersey. As of Sept. 30, 2010 – the most recent information available – the bank had $443,217,000 in total assets.