Georgetown Bank promotes three managers in commercial banking group

Georgetown, MA Georgetown Bank has promoted three managers in the commercial banking group who have been instrumental in driving significant growth and profitability over the past several years. In 2015 alone, Georgetown Bank originated $70 million of commercial loans that benefited developers, retailers, small businesses and startups across northeastern Massachusetts and southern New Hampshire. As a result, the commercial lending group’s two team leaders, Jay Hood and Marc Carbonneau were promoted to senior vice president and Julie Clement has been named vice president of small-business lending and business services.

Together, Hood, Carbonneau and Clement’s groups more than doubled Georgetown Bank’s commercial loan portfolio in less than three years.

Hood leads efforts in investment real estate, construction & development lending, which now represents a significant segment of the total portfolio.

Carbonneau oversaw the opening of the bank’s loan production office in Stratham, NH in 2014 and is now head of commercial business lending, asset-based lending and SBA lending.

Clement joined the bank in 2015, managing innovative commercial banking products and services that help businesses grow and prosper, including remote deposit capture, which resulted in the bank processing more than $85 million in remote deposits last year.

“Our bank is committed to making a positive difference in the communities we serve and the record growth across our commercial banking organization supports that mission,” said Georgetown Bank president & CEO Robert Balletto. “From startups to commercial retail development, we have a common-sense approach to lending that is built on strong relationships and years of experience.”

Georgetown Bancorp, Inc. is the holding company for Georgetown Bank with total assets of $296 million as of 12/31/15. The bank serves the Greater North Shore, Merrimack Valley and southeastern, NH markets with offices in Georgetown, Rowley and North Andover, Mass. and Stratham, N.H.