Lincoln Bancorp in Reinbeck, Iowa, has named Sean Willett as CEO of the corporate and its financial institution subsidiary, Lincoln Financial savings Financial institution.

Willett, who has served as leader administrative officer on the $6.1 billion-asset Monetary Establishments in Warsaw, New York, since August 2017, will take the helm on the $1.9 billion-asset Lincoln subsequent week.

Monetary Establishments introduced Willett’s imminent departure previous this month. It was once a part of a C-suite shakeup that noticed 3 just lately arrived executives tackle wider roles. Monetary Establishments additionally introduced plans to downsize its body of workers, chopping just about two dozen jobs. 

At Lincoln, Willett will be successful Erik Skovgard, who resigned in June after just about a decade as CEO. Emily Girsch, who has served as meantime CEO since Skovgard’s departure, will resume her place as leader monetary officer. 

“I’m commemorated and excited to steer Lincoln Financial savings Financial institution into the following section of its adventure,” Willett stated remaining week in a press unencumber. “I’m dedicated to development upon the cast basis that Emily Girsch and all of the workforce have established. In combination, we will be able to force profitability, expansion, and persevered luck for our staff, consumers, and shareholders.”

Willett’s obligations at Monetary Establishments had been wide-reaching. He was once liable for company technique, virtual banking and the corporate’s banking-as-a-service operations. 

Lincoln’s belongings grew from $817 million to $1.9 billion all through Skovgard’s CEO tenure. Whilst the 121-year-old Lincoln was once persistently successful all through that point, income did decline the previous two years as each investment and operational prices larger sharply. After reporting file internet source of revenue of $17 million in 2021, the corporate noticed its benefit drop to $3 million in 2022, in keeping with information from the Federal Deposit Insurance coverage Corp. For the primary 9 months of 2023, internet source of revenue totaled $1 million.