Firstrust Bank today announced this week that President Timothy J. Abell (pictured left) will become CEO as part of a long-planned executive transition for the region’s largest family-owned bank. Abell 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.

Current Board Chairman and CEO , Richard J. Green (pictured right), who has spent 45 years with Firstrust, will become the Executive Chairman of the Board of Directors. Richard’s grandfather, Samuel, founded the bank in 1934. Green will remain the owner of the bank.

This planned transition will become effective on January 1, 2023. With Abell becoming CEO, Green will focus more fully on Firstrust’s continued growth as well as the expanding philanthropic work of The Green Family Foundation.

“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.”

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.

“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.”

Photo: Firstrust Bank