QUINCY — A long-time employee has replaced an even longer-serving employee as company president. state street bank.
Mike Mahare retired in December after a 51-year career in banking, 26 of which were at State Street Bank. Scott Smith, who has been with the bank for 37 years, has been named his successor. The bank announced the move in a press release Friday afternoon.
“It has been an honor and privilege to have worked with so many of you, and I am grateful for the relationships and memories we have made together,” Maher said in a “special announcement” email sent to bank customers on Friday. I am deeply grateful.”
“During my tenure, I have had the pleasure of watching your business and family grow and prosper. Your trust and partnership are the foundation of our success, and we are proud of the achievements we have achieved together.” Working with the talented team at State Street Bank has been one of the greatest joys of my career, and I am extremely proud of the bank we have built and grown over the years. I'm proud of that.
Mahare, 73, graduated from Quincy University in 1973. He spent 16 years at Gem City Savings and nine years at First Bank before joining State Street Bank in 1998 as executive vice president. He was appointed president of the bank in August 2005 after the previous president, Steve Akers, passed away after a long illness.
Smith said the move was announced at the bank's December board meeting.
“Mike was scheduled to retire at the end of the year. This is an ongoing process,” Smith said in an interview Friday. “There was a clear plan in 2020 before COVID and all that happened. He chose to stay, and that was probably a good thing.”
“COVID-19 has disrupted a lot of things,” Mahea said in an interview Friday. “We had a succession plan in place and were working on it, and then with the pandemic, we had some departures that we hadn’t anticipated. Scott’s successor retired early; Since she decided to leave the bank, we needed to find someone to replace her. , everything worked fine.
“COVID-19 has been disruptive for banks. It was all hands on deck. We were busier than ever because we were making PPP loans. Interest rates were at their lowest in years. It was a really crazy time as far as the banking industry was concerned.
He said the role of local banks has changed dramatically since he began his career.
“When I started working, the two savings and loans at the time were Gem City Savings and Quincy Peoples,” Mahea said. “Their combined assets were greater than all the banks in Adams County combined. Savings and Loans made mortgages, agricultural loans, and commercial real estate loans. There were no checking accounts. The range of savings and loans was very limited, and local banks didn't really do much when it came to mortgage lending. They were more commercial, agricultural, and some consumer oriented. It was a loan.
“Due to deregulation and high interest rates in the 1980s, a lot of savings and loans went out of business and consolidated. I'm not saying the industry doesn't exist, but it's not what it used to be. Now, all banks are offering mortgages. They're selling loans in the secondary mortgage market. That's a big change.”
Mr Mahea, who has been in banking for 50 years, recalled his father's career.
“My father was the reporter's chief at the Herald Whig and worked there for 35 years,” he said. “When he retired, I remember thinking, 'Who else would work for 35 years?'”
Mahea has slowed down a bit over the past two years, working only part-time. He says he wants to play more golf, travel and be closer to his grandchildren's activities.
“I'm never worried about being bored,” he said. “It's amazing how quickly the days go by.”
Mr. Smith, 62, began his career at State Street Bank in 1987 as a loan officer and has held various roles within the organization since then.
Mr. Smith was promoted to assistant vice president and branch manager of the 48th Broadway Branch (SSB/East) in 1995, overseeing lending and branch operations. He was promoted to Vice President in 1998 and moved to the Trust Department. He was appointed as teller in 2004 and was responsible for banking operations, compliance and human resources. Mr. Smith was appointed senior vice president in 2019 and executive vice president in March 2024, responsible for overseeing all banking operations.
A 1980 graduate of Nauvoo-Colusa High School, Smith earned a bachelor's degree from Quincy University in 1984. He graduated from Cannon Trust School and attended Community Bankers School. He is a member of Breakfast Kiwanis and serves on the boards of the Notre Dame Foundation and CBAI Service Corporation. She most recently served on the Arts Quincy Board of Directors and co-chaired the QND Fund Drive.
“Mr. Smith's extensive experience across all areas of banking, including lending, trust services and banking, makes him the perfect person to lead State Street Bank into the future,” Maher said in the announcement. said. “Deciding to leave is never easy, but knowing that the bank is in capable hands like Mr. Scott gives me great peace of mind and confidence. I look forward to State Street Bank's continued growth and success under your leadership.”
Smith said there were “two or three” people within the bank who could take over his old position.
“We just finished one process and my goal is to start the next process, hopefully sooner rather than later,” he said.
Founded in 1890, State Street Bank is employee-owned and operated, serving Quincy, Adams County, and Northeast Missouri. We offer a wide range of consumer and business banking services through three branches in Quincy and Payson.
