SKOWHEGAN — Skowhegan Savings Bank has announced that David Cyr, president and CEO of the bank, will retire at the end of 2025 and the board of directors has appointed Dan Tilton, executive vice president of sales and customer relations, as the bank’s new president. When Cyr steps down, Tilton will also assume the additional role of CEO.

Cyr was appointed president and CEO of Skowhegan Savings Bank in 2019, the year of the bank’s 150th anniversary. Under his leadership, Skowhegan Savings has grown from a $600 million mutual savings bank to over $850 million in assets with a capital base over $100 million. In 2021, Cyr led the bank’s expansion into southern Maine with the opening of a Portland branch as well as establishing a $1 million workforce development fund through the Skowhegan Savings Charitable Foundation. During his tenure, the bank has earned notable accolades, such as being named the Best Bank in Maine and third in the nation by Forbes in 2021. The bank has also received the Large Business of the Year award from both the Skowhegan Regional Chamber of Commerce and the Sebasticook Valley Chamber, recognition as the Best Bank in the Morning Sentinel’s Reader’s Choice Awards and has consistently been listed among the Best Places to Work in Maine, according to a news release from the bank.

Cyr has 40 years of banking experience and has been with Skowhegan Savings since 2005. Prior to joining the bank, he worked in a variety of leadership roles at several financial institutions, primarily within the community banking arena. He also spent several years at the Finance Authority of Maine, where he contributed to initiatives aimed at facilitating financing for businesses in need.

He grew up in Aroostook County and earned his bachelor’s degree in public accounting from Husson University. He is a member of the board of directors of Good Will-Hinckley.

Tilton has been a key figure at Skowhegan Savings since joining in 2015. In his role as executive vice president of sales and customer relations he leads the retail banking and lending sales teams with focus on providing exceptional customer service.

“Skowhegan Savings’ strong legacy has been built on community focus, fiscal responsibility and our dedication to customers and employees,” said Tilton. “Our team embodies these values, and I am thankful for this opportunity to work with them to continue in guiding the bank to further success.”