Firstrust Bank today announced that President Timothy J. Abell will become CEO as part of a long-planned executive transition that will ensure business continuity and growth.
Current Chairman and CEO, Richard J. Green, who has spent his 45-year banking career building Firstrust, will become the Executive Chairman of the Board of Directors. Richard's grandfather, Samuel, founded the bank in 1934, and during Richard's career was privileged to have worked with both his grandfather, and father, Daniel. Richard’s will remain the Owner of the bank.
This planned transition will become effective on Jan. 1, 2023. As Abell becomes CEO, Richard, in turn, will focus more fully on Firstrust's continued growth as well as the expanding philanthropic work of The Green Family Foundation.
During his tenure as CEO, Green led several successful transformations for Firstrust, including its transition to a full-service commercial bank, the reinvention of Hatch Bank, a subsidiary of Firstrust, into a bank focused on serving the Fintech community, as well as deftly navigating Firstrust through the Great Recession and the Global Pandemic.
Under his leadership, Philadelphia's Hometown Bank and the Official Bank of the Philadelphia Eagles has become national in capability, technology and innovation, while remaining local and personal in its service to its customers, while growing its assets to more than $5 billion.
"Tim Abell is an exceptional banker and charismatic leader who lives and breathes the Firstrust culture and our commitment to our customers and the community," Green said. "I have had the privilege of working side by side with Tim for the past 18 years, and I have complete confidence in his leadership and ability to accelerate the bank's growth and serve the community that we both love."
Abell was born and raised in Philadelphia and has longstanding ties throughout the community. He has served as Firstrust's President since 2007 and as a member of the Board of Directors since 2016. He will be the first non-family member to serve as CEO and he will remain President.
In his new position, Abell will be responsible for implementing the bank's strategic plan, including guiding its digital transformation, and the overall growth of the enterprise. He will oversee the day-to-day operations of Firstrust, as well as its Apex Commercial Capital, Firstrust Financial Resources and Hatch Bank subsidiaries.
Abell has more than 30 years of experience working with businesses and entrepreneurs in the Philadelphia region. He joined Firstrust in 2004 and during his tenure has expanded the bank's small business, commercial and real estate lending businesses, developed new business lines, overseen the investment in digital technologies, the expansion into the Maryland market and the growth of the subsidiaries. Prior to joining Firstrust, Abell was Market President for Fleet Bank in Philadelphia and Southern New Jersey.
"Firstrust is a special bank with a professional, caring and motivated team that is passionate about our customers and their success, and the well-being of the communities we serve," Abell said.
"Richard has made an indelible mark on the bank and on the Greater Philadelphia community," he added. "Fortunately for me and the Firstrust Family, he is stepping up, not down. As we continue to work together in our individual capacities, I am excited to grow the Firstrust legacy of outstanding customer service, commitment to the prosperity of our community while continuing to invest in our people, technology and innovation."