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Century Bank President and CEO Barry Sloane and Executive Vice President Linda Sloane Kay will take on new roles following the death of their father Marshall Sloane, who was chairman of Century’s board of directors.
The company announced last week that Barry will assume the position of chairman of the board and Linda will move to the newly created position of vice chair of the board.
Marshall controlled the company by virtue of his role as general partner of Sloane Family Enterprises, a limited partnership that directly owns 87.96 percent of the outstanding Class B shares of the company, according to a recent regulatory filing. Upon his death, Marshall’s wife Barbara Sloane, Barry Sloane and Linda Sloane Kay became general partners of Sloane Family Enterprises and now collectively control the company.
“My father, the late Marshall Sloane, started Century Bank and Trust Co. on May 1, 1969,” Barry said in a statement. “It is my honor to build upon the direction he set for the bank and his legacy. I have partnered with my father and sister for the last 15 years, during which time the bank has posted nine consecutive years of excellent financial results and achieved the significant milestone of $5.2 billion in assets. Under our leadership, Century will continue to be the largest family-run bank in New England.”
“I am enormously grateful for everything my father taught me,” Linda added. “He was one of the most accomplished bankers of all time. I am pleased to carry on his legacy of community banking. I am also grateful for the collaborative partnership I have with my brother, Barry.”
Marshall was actively working at Century Bank until three weeks prior to his death on April 6, 2019. He would have celebrated his 93rd birthday on April 15.
