DOYLESTOWN, PA, March 10, 2013 /24-7PressRelease/ -- First Federal of Bucks County (www.firstfedbucks.com), a federally chartered mutual savings bank serving businesses and individuals in Bucks, Philadelphia and Montgomery counties since 1885, announced today that Bruce Iacobucci, President and CEO will retire at the end of June 2013. Jeane M. Coyle (nee Vidoni), the bank's Executive Vice President and Chief Administrative Officer, and a 30-year financial industry veteran, will become the next President and CEO and the bank's first female leader.
Iacobucci started working in banking in 1970 with Provident National Bank after graduating from Haverford College. Before joining First Federal of Bucks County in October 2006, he spent many years at various banks - several of which merged - as a commercial lender and retail banker.
"Bruce has led us to a platform of stability and performance that the bank has not seen before," said Coyle. "We have grown significantly under Bruce's leadership. In each of the past three years, we achieved record net profits while growing the bank."
Because First Federal of Bucks County is a community bank, it "can provide the fast, responsive, personal service that our customers expect and deserve," Iacobucci said. "At the same time, we are able to match the larger commercial bank products and services, including Internet banking and remote deposit services, often at a lower cost."
The bank's consistent approach to lending has resulted in a strong loan portfolio and a significant capital base that provides the safety and soundness customers expect from a bank.
First Federal of Bucks County enters 2013 with a strong equity to asset ratio, a quality loan portfolio and an improving mix of deposits. "The bank is committed to providing exemplary commercial lending and small business services with professional bankers who practice serving customers as opposed to selling them," Coyle said.
"I am thankful to work with an amazing team of bankers, professionals and customers at First Federal of Bucks County and don't plan on going far," said Iacobucci. "I look forward to serving an important role for the bank's commercial customers as a member of the Board Loan Committee."
Coyle will take over as President and CEO on July 1, 2013. Her vision for the bank is to continue to serve as an important part of the Bucks County community, to continue to provide convenience and value for the bank's business and individual customers, to maintain profitability for long-term growth and sustainability as a local bank and employer, and to continue to give back to the community.
"Jeane was unanimously chosen as the next President and CEO," said Iacobucci. "We are all confident that Jeane, the supporting management team and board of directors will continue to guide First Federal of Bucks County into another era of success."
As a community bank, First Federal of Bucks County also donates up to 5 percent of its net income to charitable organizations in Bucks County. In fact, Iacobucci serves on the board of the United Way Bucks County and is its campaign co-chair and Coyle serves as the co-chair of the self-sufficiency panel.
About First Federal of Bucks County
Founded in 1885, First Federal of Bucks County, with $658 million in assets, operates 11 offices throughout Bucks County. Because it is a Federally Chartered Mutual Savings Association, the bank is not publicly traded and is "owned" by the Association's customers. The mission of First Federal is to serve businesses and individuals in Bucks County and the surrounding counties - and to be an integral part of the community. For additional information, visit us at http://www.firstfedbucks.com.
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