After spending two decades as its chief financial officer and a board member, Lauren Ranalli took over as CEO of Exton-based First Resource Bank, writes Jeff Blumenthal for the Philadelphia Business Journal.
Ranalli replaced Glenn Marshall, who retired on March 31.
Twenty years ago, Marshall and Ranalli worked together at West Chester-based Stonebridge Bank when he approached her with an offer.
“He said, ‘Let’s go open a bank,’” said Ranalli. “And I said OK. And he promised me — I was 30 and I had a 1-year-old at home — when I retire, you’re going to be CEO. And at the time, I kind of rolled my eyes and said, OK, sure.”
But Marshall delivered on his promise, making Ranalli one of just four women who serve as CEOs at local banks.
Ranalli helped found and built the bank brick by brick – to great success. In a year of tepid bank earnings, First Resource Bank has increased its net income by 5 percent and ideposits and loans by 16 percent each.
For the future, Ranalli sees opportunities for the bank to gain market share, even with no physical expansion.
Read more about Lauren Ranalli taking over as CEO of First Resource in the Philadelphia Business Journal.
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