Pentucket Bank Welcomes Stacey Palovich to Commercial Lending Team
Stacey joined Pentucket Bank on March 21 bringing over ten years of commercial lending experience to the team. Her experience includes working with businesses from around New England. Stacey’s primary role with the Bank is to develop and deepen current loan relationships with the Bank’s commercial clients while identifying new business loan opportunities in and around the Merrimack Valley and Southern New Hampshire. She will also be responsible for co-leading the Bank’s team of Commercial Lenders to increase loan outstandings.
“We are thrilled to welcome Stacey to the team,” said Stephen Jaskelevicus, Senior Vice President & Chief Credit Officer. He continued, “We already have a very talented group of Commercial Lenders here at Pentucket Bank. As we look to expand our market presence, Stacey’s proven record of leading her teams to top sales performance will only strengthen the entire commercial lending area and the Bank’s performance.”
Stacey is a graduate of SUNY University at Buffalo. She is a volunteer with Salem Sound Coastwatch, the Center for Women & Enterprise, and the Community Giving Tree. She enjoys reading, hiking, barre classes, and biking. Stacey lives in Boxford, MA with her husband and their son.
Haverhill, MA - April 5, 2022
Jonathan Dowst, President & CEO of Pentucket Bank, along with the Bank's Executive Leadership Team, congratulate Kerianne Pereira on being named the Volunteer of the Year by the Boys & Girls Club of Greater Salem, NH.
Kerianne started at the Bank in March of 2020 in the role of Vice President and Commercial Loan Officer. Kerianne brings over 17 years of banking experience, with ten years in lending, to Pentucket Bank. Her primary role is to develop and deepen existing relationships with the Bank's commercial loan clients and identify new opportunities to assist businesses in the Merrimack Valley and Southern New Hampshire with their business loan needs.
Pentucket Bank is well known as an engaged partner in the community to hundreds of the area’s non-profit organizations. The mission of the Bank to support the community not only includes monetary support through sponsorships donations but also includes a commitment to employee volunteerism. Kerianne strongly contributes to the Bank's mission of volunteerism as a member and Past President of the Salem Exchange Club, as well as serving on several committees with the Greater Salem Chamber of Commerce. Kerianne is an active Board member with the Boys & Girls Club of Salem, NH, with her commitment to the Club leading to her recognition as Volunteer of the Year, an award she received along with her husband Christopher.
"Kerianne joined the Bank just as the pandemic forced us all to get a bit creative in how we supported our customers and communities," said Stephen Jaskelevicus, the Bank's Chief Credit Officer. He continued, "She has been an incredible asset not only to her customers during such a challenging time, but in her unwavering support of the community as well. She's very deserving of the Volunteer of the Year Award, and we are lucky to have her on the Pentucket Bank team."
Kerianne and Christopher live in Salem, NH with their two children. In addition to her volunteer activities, Kerianne enjoys swimming and boating and attending concerts and sporting events.
Pentucket Bank Welcomes New Directors and Corporators at the Bank's 130th Annual Meeting, While Honoring Retiring Directors
Pentucket Bank Officially Names Jonathan Dowst
Chief Executive Officer
Haverhill, MA - July 2, 2021
The Senior Leadership Team and Board of Directors of Pentucket Bank are pleased to officially announce Bank President Jonathan Dowst as Chief Executive Officer and Director, effective July 1, 2021. Dowst assumes this role following the June 30th retirement of long-time Bank leader and former CEO, Scott Cote.
Jonathan (Jon) joined the Pentucket Bank team as Executive Vice President/Chief Credit Officer in March of 2019 following nearly 35 years at both small and large banks. He most recently had been employed at Bank of America, where he held a number of senior level leadership roles in commercial credit, sales, and overall business strategy.
In addition to his experience with national banks, Jon started his career in community banking in New Hampshire, where he honed strong customer service, team building, and community involvement skills, aligning his experience with Pentucket Bank’s community-based mission and culture.
Jon was subsequently named President of Pentucket Bank July 1, 2020 as part of the Bank’s long-term succession plan. In his role as President, Jon worked closely with Cote and former President Charles Walker, along with the other members of the Bank’s Senior Leadership Team, to ensure a smooth transition while also overseeing the day to day operations of the Bank.
“I am humbled by the support I have received by the Bank’s Board of Directors and Leadership Team, and by their trust in me to lead this fine community institution. I have large shoes to fill with the retirements of Scott and Chuck, however together with Pentucket Bank’s team of talented, dedicated, and passionate bankers, I am confident we will continue to do great things for our customers and communities,” said Dowst.
As President and CEO, Jon will report directly to the Bank’s Board of Directors, of which Cote remains Chairman. Walker will also continue to serve on the Board in retirement. Jon continued, “My commitment, together with the Bank’s employees, is to maintain and strengthen the Bank’s mission, core values, culture, and commitment to mutual ownership and independence for the benefit of our current and future customers, and our communities. I am grateful for the leaders who came before me and I look forward to building upon the strong foundation they established, dating back to 1891.”
In his time with Pentucket Bank, Jon has woven himself into the fabric of the community as a member of the Boards of Directors of UTEC and the Merrimack Valley Chamber of Commerce, a member of the Haverhill Rotary Club, and a recent graduate of the Greater Haverhill Chamber of Commerce LEADS program for economic and leadership development. Jon and his wife Maureen split their time between Haverhill, MA and Weare, NH.
Haverhill, MA - June 21, 2021
The Senior Leadership Team and Board of Directors of Pentucket Bank are preparing to say farewell to current Bank Chief Executive Officer and Chairman of the Board Scott D. Cote as he nears the date of his retirement as CEO on June 30, 2021. Cote will remain in his role as Chairman of the Board following his retirement.
Scott D. Cote came to Pentucket Bank in 1998 following an already storied 25 years in banking leading up to what would be the final Bank in his career and what he likes to tout as “his dream job.” He joined the Pentucket Team as Executive Vice President and Chief Credit Officer under the leadership of then Bank President & CEO, the late Kendall C. Smith. Cote became President of the Bank in 2008, while Smith remained in the role of CEO until his retirement in 2010, at which time Cote was named President & CEO. Cote served in this role until 2015 when Charles A. Walker was named President of the Bank and he assumed the role of Chairman of the Board while also remaining as CEO. Cote remains serving in both of these roles until his retirement as CEO on June 30th, at which time he will retire from day-to-day operations but will continue to provide leadership in his ongoing role as Chairman of the Board. In 2019 Charles Walker was named Vice Chairman while remaining a key member of the Bank’s Executive Leadership Team and Jonathan Dowst joined the Bank as President. Walker is accompanying Cote into retirement from the Bank on June 30th, yet he will also continue as a member of the Bank’s Board. On July 1st, Dowst will become Pentucket Bank’s CEO in addition to his role as President.
Cote’s career can be summed up by the growth and success Pentucket Bank has realized under his leadership. In 1998 the Bank was a mere $202 million in total assets, $30 million in capital and about 60 employees. Upon his retirement, the Bank will boast $925 million in total assets, over $105 million in total capital and close to 140 employees. In addition, the Bank grew by three new Branch locations under his tenure. In 2006 opening both the Hampstead and Salem, New Hampshire Branches and in 2014 adding the North Andover Branch.
Along with the Board of Directors and Bank Corporators, Cote lead the Bank in establishing a Mutual Holding Company, Pentucket Bank Holdings, MHC, providing the Bank with maximum growth and flexibility for the future. With the support of the Bank’s Board of Directors, Cote played an integral role in the Harbor Place development project at the site of the old Woolworth Building on Merrimack Street in downtown Haverhill. Pentucket Bank was the first company to commit to a long term lease agreement and naming rights of the project’s commercial building, where the Bank’s Administrative Offices have been located since 2017. Pentucket Bank recently purchased their Fourth Floor suite, further demonstrating their ongoing commitment to remaining headquartered in Haverhill’s downtown.
Scott’s professional associations and accolades include his service as the Board President of the Greater Haverhill Foundation from 2016-2017; he has served on the Savings Bank Employees Retirement Board since 2014 and in 2019 Scott was elected to serve a six year term on the Board of the Depositors Insurance Fund of Massachusetts. He is also a long time member of Haverhill Country Club. Scott is a proud alumnus of the University of New Hampshire’s Whittemore School of Business and Economics from which he earned a Bachelor’s of Science degree in Business Administration.
In addition to his impact on the Bank, Cote follows closely in the footsteps of his father and former Pentucket Bank President/CEO & Chairman of the Board, the late Edmund J. Cote, Jr., as a passionate community leader in his own volunteer capacity with the Haverhill Rotary Club where in 2006 he was named a Paul Harris Fellow; the Greater Haverhill Foundation, the Wadleigh Foundation, NECC Foundation and the Greater Haverhill and Greater Salem Chambers of Commerce. He was also a past director of the Salem Boys & Girls Club and a recipient of the Man/Youth Award for Community Service in 2003.
Over the years Scott has been recognized many times for his passionate support of the community through volunteerism and charitable giving. In 2013 Scott was the recipient of the William A. Brown Distinguished Businessperson Award by the Greater Salem Chamber of Commerce; in 2012 he was honored with the Richard P. McCoy Community Service Award by the Salem Boys & Girls Club; and was the 2012 recipient of the prestigious Legacy of Leading Award, presented by the Home Health Foundation (HHF). Scott also served HHF as the co-chair of the Merrimack Valley Hospice House Capital Campaign. He is also a past Trustee of the former Merrimack Valley Hospital. Scott has been honored as a Y for All Champion and received the YMCA Community Partnership Award, both given by the Haverhill YMCA; and he received the Distinguished Citizens Awards in 2007 from the Yankee Clipper Council of the Boys Scouts of America. He is a past Director and Chairman of the Board and 2006 recipient of the Charles E. Billups Community Service Award from the Greater Haverhill Chamber of Commerce.
However, besides his own passion for giving back to the Community, Cote established a culture of community involvement for all employees of the Bank, encouraging employees to give back as well. As a result, Bank employees annually volunteer close to 5,000 hours of community service and the Bank supports local non-profits within its service area through sponsorships and contributions totaling over $400,000 each year. Cote also spearheaded the establishment of the Pentucket Bank Charitable Foundation in 2011 to ensure the Bank’s commitment to supporting local non-profit organizations remains a top priority for the Bank long into the future. The Foundation has disbursed over $500,000 in contributions to date and currently boasts assets of over $1.5 million.
Cote credits the success of the Bank to the talented employees and Board who have helped support and embody the mission of the Bank. He said, “Having the opportunity to finish my career in my dream job, working alongside passionate, loyal and talented bankers to make a difference in the lives of our customers while also making an impact on our communities has been a privilege.” He continued, “When I started at Pentucket Bank I was proud to carry on the legacy of my father and Ken Smith, while focusing on my passion for community service. I am confident that I as I conclude my time as CEO and pass the torch to Jon Dowst, that Jon and our team will continue our community service commitment and mission. I look forward to working with Jon and his Senior Leadership Team and the Board in my role as Chairman, to continue to raise our standard for the benefit of our customers, employees and communities.” Cote concluded, “It has truly been an honor and I am grateful for the opportunity to lead Pentucket Bank all these years. I leave with a full heart and look forward to a future of growth and success for Pentucket Bank and the communities we serve. Thank you for the wonderful support the Bank has received, it has been my privilege to serve our customers and community.”
Scott D. Cote, CEO and Chairman of the Board of Pentucket Bank, Jonathan Dowst, President, along with the Senior Management Team of the Bank, are pleased to welcome Sean O’Connell as Vice President | Information Security Officer
Sean joins the Bank with over thirty years of experience in information technology and information security, with two of those directly related to banking. Sean’s role at the Bank will include establishing and maintaining a corporate-wide information security management program to ensure that information assets are adequately protected. Sean serves as the process owner of all assurance activities related to the confidentiality, availability and integrity of customer and business information in compliance with the Bank’s information security policies. He will work closely with management to identify and manage risk to acceptable levels.
Sean has his Bachelor’s degree in Information Technology - Security from Western Governor’s University in Salt Lake City, Utah and is currently involved with FS-ISAC, ISC2, ISACA and the Massachusetts Bankers Association. He resides in Lebanon, Maine with his wife and has four children. Outside of work, Sean enjoys working on projects, nature and hiking, but most of all spending quality time as a family.
Pentucket Bank and the family of former Bank President & CEO Edmund J. Cote, Jr. have established a scholarship for graduating Haverhill High School Seniors in the name of the late Mr. Cote, beginning in 2021.
Edmund J. Cote, Jr. served as the President and CEO of Pentucket Bank for more than 15 years from 1983-1998 and remained a part of the Pentucket Bank family as a Director and Corporator until his passing on June 14, 2020. Mr. Cote was instrumental in several strategic growth initiatives at Pentucket Bank, most notably spearheading the purchase of what is now the Bank’s Main Office Branch and office building at One Merrimack Street in Downtown Haverhill.
Mr. Cote was not raised in a family of means; he was a bright student, but not among the top students in his class, however he was an extremely hard worker with a charismatic personality. Throughout his career, he found great fulfillment in community service and volunteerism, while he advanced in his career in banking. He went on to become the President of BayBank Merrimack Valley before moving on to finish his esteemed career at Pentucket Bank. As a tribute to Mr. Cote, the Cote family raised $20,000 to establish a memorial scholarship in his name at Haverhill High School. In honor of the Bank’s former leader, Pentucket Bank matched the funds in full, providing the City of Haverhill with a $40,000 investment to The Edmund J. Cote, Jr. | Pentucket Bank Scholarship Fund.
Scott D. Cote, current Pentucket Bank CEO & Chairman of the Board and son of Edmund J. Cote, Jr. remarked,
“Upon my father’s passing in June of 2020, my family felt strongly about honoring my father’s legacy by establishing a scholarship in his name. I am extremely proud that we were able to raise $20,000 as a family, something my father would have been so moved by.” He continued, “I am humbled by Pentucket Bank’s offer to match the funds in full, bringing the investment to $40,000. It is a testament not only to my father’s legacy as President & CEO of the Bank but also of the Bank’s long-standing commitment to investing in our community and supporting the continued education of our youth.”
The scholarship, which will be awarding two, $1,000 scholarships annually to two Haverhill High School graduating seniors beginning in 2021, is intended to provide support and assistance to students like Mr. Cote; students who are not the top of their class, but whose potential is unlimited when given the opportunity to succeed.
Haverhill, MA- March 18, 2021
Scott D. Cote, CEO and Chairman of the Board of Pentucket Bank, Bank President Jonathan Dowst, along with the Board of Directors and Trustees, officially welcomed the following community leaders to the Board of Corporators at the 129th Annual Meeting of Pentucket Bank on March 11, 2021.
Delia Duran-Clark, Delia is the Principal of Esperanza Academy in Lawrence, and was previously an Adjunct Professor at Merrimack College. She is a graduate of Boston College, and also holds advanced degrees in Education and Social Work. Delia is a resident of Andover, and very active in Haverhill including serving as a Director of the Greater Haverhill Chamber of Commerce.
Maria Bonanno. Maria owns the law firm Bonanno Law and Title, PC in Methuen. She has been a practicing attorney in the Commonwealth of Massachusetts since 2009. Maria received her J.D. from Massachusetts School of Law and her B.A from Merrimack College. Her areas of concentration are commercial and residential real estate. In the community, Maria is a Board Member of the Holy Family Hospital and Nevins Family of Services. She lives in Methuen.
Dr. Noemí Custodia-Lora. Noemi is Vice President at Northern Essex Community College, where she runs Community Relations and the Lawrence Campus. Noemi holds a BS in Biology from Universidad de Puerto Rico, a Ph.D. in Physiology and Molecular Endocrinology from Boston University, and she did her Post-Doctoral Research Fellowship at Tufts Medical School. Her professional interests include strategies aimed at increasing access to education, especially for underrepresented minorities, adult learners, and immigrants. She is a resident of Haverhill.
Ryan Horgan. Ryan is Vice President and General Manager of Rockingham Toyota in Salem, NH. His family owned and operated business was established in 1985 and has deep, extended roots throughout the Greater Salem community. Ryan is a graduate of Southern New Hampshire University, with a Masters in Business Administration and Organizational Leadership. He is active in the community as a Board Member of the Boys & Girls Club of Greater Salem NH. He lives in Atkinson.
Haverhill, MA - March 16, 2021
Michelle Lavigne, a Corporator of Pentucket Bank since 2019, is the owner of several Servpro franchises, including Haverhill where their headquarters are located. Michelle officially joined the Servpro team, her family’s business, in 2006 where she worked for her father and fellow Pentucket Bank Corporator, Dave Hart, as marketing and office manager before purchasing the business with her husband Patrick in 2013.
Michelle is a member of the Exchange Club of Haverhill and currently serves on the board as Treasurer. Michelle is also an active supporter of numerous local organizations including the Liz Murphy Open Hand Food Pantry, Sacred Hearts School, the Boys & Girls Club of Greater Haverhill and many youth sports programs. Michelle lives in Haverhill with Patrick and their two children.
Daniel Norris, became a Bank Corporator in 2011. He practices Corporate Law and is a Director in the McLane Middleton Law firm in Manchester, NH and Woburn, MA. Dan received his J.D. from Northeastern University School of Law and his B.A with distinction from Purdue University. Dan’s areas of focus at the firm include Mergers and Acquisition and Corporate Business Law, as well as other corporate specialties.
In the community, Dan is a member of the Central Catholic Board of Directors, a member of the Salem Chamber of Commerce, and has served on the Salem Boys & Girls Club Board of Directors, where he was past president, as well as many other local and statewide affiliations. Dan lives in Salem, NH with his wife Lori and their three children.
Pentucket Bank Welcomes Maureen Meletis as
Vice President/Program Manager
Scott D. Cote, CEO and Chairman of the Board of Pentucket Bank, Jonathan Dowst, President, along with the Senior Management Team of the Bank, are pleased to welcome Maureen Meletis to the team as Vice President/Program Manager.
Maureen began at the Bank on February 1st, bringing over thirty years of banking experience; many of those years spent with a focus on commercial lending administration, project management and process improvement. In her new role with Pentucket Bank, Maureen is responsible for maintaining the Bank’s Program Management Department, tracking statuses, timelines, and financials of all in-flight projects across the Bank. Maureen will work collaboratively across all departments of the Bank to help Project Managers keep their projects on track and ensure project outcomes are in line with their project charters and the Bank’s overall goal of providing superior customer service to all customers.
Maureen resides in Derry, NH with her family and when not working enjoys gardening and volunteering with the MA & NH Alzheimer’s Associations, where she is an advocate, Program Volunteer and a past chair of the Central NH Walk to End Alzheimer’s.
Scott D. Cote, CEO and Chairman of the Board of Pentucket Bank is pleased to announce the purchase of the fourth floor of the Pentucket Bank Plaza building at Harbor Place in Haverhill. This purchase reinforces the Bank’s continued commitment to supporting and investing in the revitalization of Haverhill’s downtown.
Pentucket Bank currently occupies the entire fourth floor of the building with several of their administrative offices, which began as a ten-year lease agreement in 2016. This initial lease agreement made by Pentucket Bank was the first of several occupancy commitments needed in order to secure the critical state and private sector funding that made the Harbor Place development possible. Following Pentucket Bank’s commitment, others, such as UMass Lowell, MTM Insurance Company and HC Media Inc. signed their respective occupancy/purchase agreements and the project proceeded to completion and the Pentucket Bank Plaza building is now fully occupied.
“We have been proud of the pivotal role that Pentucket Bank has played in making the Harbor Place development project a reality,” said Scott Cote, CEO / Chairman of the Board. He continued, “We were the first business to commit to space in the building by signing our long-term lease; an investment that we felt showcased our support of Haverhill’s downtown renaissance. We have now taken that commitment to another level by purchasing the space so that the Bank will remain in downtown Haverhill where they started in 1891."
As part of their initial, early phase lease commitment, Pentucket Bank negotiated naming rights to the commercial building, now known as Pentucket Bank Plaza at Harbor Place. The building stands at the site of the former Woolworth Building, which had remained vacant for over 40 years. Pentucket Bank purchased the fourth floor space from building owners Harbor Place Bell/Merrimack Street Ventures LLC/Planning Office for Urban Affairs, Inc.
Pentucket Bank Plaza at Harbor Place is located directly across the street from the Bank’s Main Office Branch and office building at One Merrimack Street, anchoring Pentucket Bank on both corners of a gateway into Haverhill’s downtown district.
Pentucket Bank Once Again a Leader in Next Round PPP Processing
Haverhill, MA - January 15, 2021
Pentucket Bank has done it again, successfully submitting applications to the SBA on behalf of their customers before 8:00 a.m. Friday morning, once again establishing themselves as a leader in the PPP process. The SBA began accepting PPP loan applications from financial institutions on Friday, January 15th.
Pentucket Bank created a unique process for accepting PPP loan applications during the first round of funding in 2020, allowing the Bank to process loan applications with the SBA swiftly and efficiently. The process proved successful as the Bank processed over 400 PPP loans totaling $65 million in 2020, positively affecting over 6,000 local jobs within the first few weeks following the release of the program. Pentucket Bank updated this process in preparation for the current round of PPP funding, providing their customers with new checklists, loan calculators and other helpful resources. They began accepting applications from current PPP loan customers on Thursday, January 14th - in advance of the SBA opening its portal on the morning of January 15th.
“We notified customers at 1 p.m. Thursday that we were accepting applications. By this morning, we had 60 applications in,” said Stephen Jaskelevicus, SVP/Chief Credit Officer at Pentucket Bank. He continued, “We know our customers are anxious about funding running out, so we’re glad to be able to take that burden off of them. Our team was ready, and we’re proud to once again be ahead of the game on our customers’ behalf.”
Pentucket Bank is currently limiting requests for new PPP loans to existing Pentucket Bank deposit or loan customers. The Bank will continue to evaluate demand and may open up to new customers at a later date if capacity allows. For the most up-to-date information, visit: www.pentucketbank.com/federal-stimulus.