GSB President & CEO Announces Retirement

Timothy P. Geelan Retiring as President in 2024 and CEO in 2025. Kyle J. Eagleson appointed as successor.

GUILFORD, CONN., January 4, 2024 – The GSB (Guilford Savings Bank) Board of Directors announced that they have voted and approved a succession plan offered by President & Chief Executive Officer Timothy Geelan to retire as CEO and President of GSB, effective March 2025. With this plan, current Chief Operating Officer Kyle J. Eagleson will assume the role of President in January 2024, and will succeed Geelan as CEO in March 2025.

Geelan will also continue to serve on the Board of Directors after his time as CEO is completed.

“I want everyone to know that it has been and continues to be my privilege to serve GSB since 1994, and for the past 10 years as its President and CEO. It’s an honor to come to work every day with so many caring, dedicated people who have been part of our GSB family for all these years. I am keenly aware that none of what we’ve accomplished in my tenure was possible without the hard work and collaboration with our Board of Directors, Corporators and most importantly, our employees. Their trust and commitment are something I have never taken for granted.”

Geelan continued, “GSB has come a long way, and accomplished much over nearly 150 years to become the strong, stable, thriving financial institution it is today. I am thankful to all my current and past colleagues who served each other in pursuit of continuing to improve delivering on the financial wellbeing and experience for our loyal clients, non-profit partners, and our entire community.”

During his tenure, Geelan was instrumental in several strategic bank achievements and initiatives, including growing the institution from under $560MM to over $1B in assets, increasing the number of employees by nearly 205%, expanding its branch network, investing in a digital transformation strategy focused on delivering a seamless customer experience. He expanded upon the Bank’s commitment to community reinvestment through financial contributions and volunteerism, and its employees with the creation of its PEAK (Performance, Education, Accountability, Knowledge) program and adopting the Servant Leadership model.

Through significant investments in technology, data intelligence and talent acquisition, Geelan ushered in a transformation of GSB’s retail banking model, through partnerships with MANTL, Jack Henry and others, to deploy a fully integrated, technologically advanced banking platform that delivers greater efficiency, and a frictionless customer experience.
Geelan also successfully led the bank through the pandemic, with limited client disruption, and expanded community non-profit contributions through its local community foundation partners and delivered $41 million in PPP loans to 431 businesses. He was also instrumental in the creation of the bank’s Servant Leadership Program, which invests in staff education and ensures GSB’s commitment to serve each other, its clients and its community remains at the forefront of its mission.

In addition, Geelan recently completed a term as 2023 Chair of the Connecticut Banker’s Association: leading their commitment to advance community banking’s mission of serving the financial needs of neighbors across Connecticut and expanding diversity within the industry. Geelan is Vice Chair and Secretary of the CCBA, Corporator of Middlesex Health, Advisory Board Member of Hope Partnership, and Advisor for CT School of Finance and Management. Geelan’s history of service has been consistent for many years serving as President and Corporator of the Guilford Foundation, Treasurer of Westside Cemetery, and Board Secretary of the Community Foundation of Middlesex County.

“The Board conducts an annual succession planning review for all management positions but always does a thorough review when a transition occurs,” remarked William “Bill” Lee, GSB Board Chairman. “Following due diligence and consultation with advisors, the Board unanimously decided to follow its long-established plan of promoting Kyle Eagleson to the role upon Tim’s retirement. We are confident that Kyle is the perfect person for the position, and we look forward to working with him and Tim during this transition.

The Board thanks Tim for his many decades of service to the bank, his sharing his plans well in advance so that we can have a smooth transition and for his willingness to stay on as a director of the bank. We congratulate Kyle and look forward to working together with him for many years.”

In March of 2025, Geelan will hand off the role of CEO to current COO Kyle J. Eagleson. Eagleson brings more than twenty-five years of experience in banking, finance, and operations, joining GSB in 2008 as Treasurer, and subsequently promoted to EVP, COO in 2014. Since 2016, Eagleson has been a part of GSB’s Executive Management Team as 1st EVP CFO and COO, as well as a member of the Board of Directors. He is a graduate of UConn and the ABA Stonier Banking School and has a MS in Mathematics from SCSU and Executive Education from the Wharton School.

Eagleson and Geelan have worked closely together for 15 years, ensuring the stable, strong growth and stewardship of GSB as a trusted Connecticut Community bank. His appointment ensures the continuity of that commitment, and continuation of GSB’s mission to bring the best of community banking to more people.

Geelan explained that this succession has been long planned and reflects a seamless continuity for the organization. “I am proud of all that Kyle has accomplished and could not be happier to have Kyle as my successor. He is the best person to lead GSB into the future, embodying its community roots and commitment to innovation. His strong strategic business acumen and talent is backed by a wealth of experience across finance and operations and is influenced by his strong commitment to the community. The bank could not be better positioned or in better hands when we transition to Kyle’s leadership.”

Like Geelan, Eagleson has displayed a strong commitment to community service. He has served as the former Chair of the Guilford Foundation, held the position of former Treasurer for the Guilford Fund for Education, and currently serves as a Director and Treasurer for the Guilford Basketball League. He is also active as a coach to various youth sports in the community. Additionally, Eagleson holds the distinction of being a founder of the Eagle’s Cup Classic, which is named in honor of his father, a 9/11 victim. The proceeds generated from this annual event are directed towards supporting other 9/11 victims, local YMCAs, and providing scholarships for low-income families.

“It’s impossible to overstate what Tim has done for GSB. With his leadership, GSB has grown stronger, and better positioned to bring community banking to all of Connecticut and its neighbors, while also remaining responsive to the evolving needs of our clients who seek forward thinking, innovative community banking,” said Eagleson. “He has served GSB well and set our organization up for continued success. I am humbled by this opportunity, but also emboldened to deliver on our shared vision, and continue to work with our employees, Board of Directors, Corporators and our communities, to move our tremendous institution forward.”