The chief operating officer at Lakeville-based Salisbury Bank and Trust Co. is leaving his post.
The nearly $1.1 billion asset bank, which also has branches in Western, Massachusetts, announced in a recent regulatory filing that James E. Cotter, COO and executive vice president, would depart the bank at the end of the year. The filing added that the departure is not the result of any disagreement with the company on any matter relating to the company’s operations, policies or practices.
Cotter joined the bank in January 2016. Before Salisbury, he was executive vice president and COO of Naugatuck Valley Savings and Loan for close to three years. Before that, he was senior vice president at Newtown Savings Bank and senior vice president at Fairfield County Bank.
Salisbury Bank and Trust in its regulatory filing said it has no current plans to fill the vacancy created by Cotter’s departure and is evaluating the costs and benefits of eliminating the position of COO as part of the bank’s cost-savings initiatives.