Fulton Financial has named an interim CFO following the resignation last week of Mark McCollom, who had been the bank’s finance chief since 2018.
- A regulatory filing and press release issued Friday did not disclose the reason for McCollom’s departure.
- Lancaster-based Fulton has named Beth Ann Chivinski as interim CFO while it conducts a formal search process to fill the position.
- Chivinski, who joined Fulton in 1994, has been the bank’s chief risk officer since 2016.
- “Her deep knowledge of Fulton, her strong accounting background and her proven leadership skills will serve us well as we search for our next senior executive vice president and CFO,” Fulton chairman and CEO Curt Myers said in a statement. “I’m confident she is the right person to lead our financial team as we begin our search for a new CFO.”
What about risk: The bank has named Atul Malhotra to succeed Chivinski as chief risk officer.
- Malhotra worked previously as the bank’s managing director of enterprise risk management.
- Before joining Fulton about eight years ago, he worked for professional services firm Deloitte & Touche providing risk advisory services to the financial services sector.
- “Atul is a seasoned risk management executive and I’m confident he will make a vital contribution as he joins Fulton’s enterprise leadership team,” Myers said in a statement.
The background: Fulton is the largest bank based in Central Pennsylvania, with assets of about $27 billion and roughly 3,300 employees.
- Last month, the bank unveiled an initiative called FultonFirst, designed to shave expenses while spurring growth in 2024.
- Profits dipped for the bank in 2023, coming in at $284.3 million, down about 1% from nearly $287 million in 2022.
- The bank cited headwinds such as higher interest paid to depositors and a special deposit insurance assessment related to the collapse of Silicon Valley and Signature banks in early 2023.
- Federal regulators asked all larger banks to pay more for deposit insurance last year.
