Kennebunk Savings President and CEO Announces Retirement and Successor
Bradford C. Paige, the president and CEO of Kennebunk Savings, announced he will retire on December 31, 2024. As part of the Bank’s transition plan, Paige stepped down as president this January but will retain his CEO duties for the remainder of the year. Lex Meagher, senior executive vice president and chief credit officer, assumed the president’s role and will become CEO upon Paige’s retirement.
Paige shared his thoughts on his successor, “Lex’s professional background, his performance, and accomplishments at Kennebunk Savings, his understanding and commitment to our culture and priorities, and his natural leadership abilities form a strong base from which to lead the organization into the future.”
Meagher is a graduate of the University of Massachusetts and received his law degree from the University of New Hampshire School of Law. An attorney and member of the Maine State Bar Association, Meagher joined Kennebunk Savings in September 2011 as associate general counsel after serving as a law clerk at both the Maine Superior and Maine Supreme Judicial courts. He was subsequently promoted to general counsel and compliance officer at Kennebunk Savings in January 2013, a position in which he served until his promotion to senior commercial credit officer in November 2019. In 2022 he was promoted to chief credit officer, and added senior executive vice president to his title in February 2023. Meagher is also a member of the board for Habitat of Humanity of Greater Portland, and former board president.
“We are fortunate to have a management team that is focused on developing internal candidates for senior and executive roles, including that of president and CEO,” said Matthew Chase, Kennebunk Savings’ board chair. “Lex has knowledge of the banking industry, accompanied by strong ethics and a dedication to our communities. He has big shoes to fill, but a strong senior management team and employee base backing him. The board and I have every confidence he’s up to the task.”
Paige joined Kennebunk Savings as a commercial loan officer in 1998. He was later promoted to positions in commercial and retail services before becoming chief financial officer. In 2009, amid the banking crisis, Paige was named president and CEO.
Under Paige’s leadership, Kennebunk Savings has grown from $806 million to $1.8 billion in assets. He also expanded the Bank’s branch network from 12 offices in York County to 17 in total, including opening in a new market area for the Bank, seacoast New Hampshire.
Perhaps Paige’s lasting legacy is Kennebunk Savings’ philanthropic and advocacy efforts. He has been an ardent steward of the Bank’s vision of corporate citizenship known as Community Promise, anchored by the Bank’s donation of 10% of its annual after-tax earnings to nonprofits in its communities. The program has meant over $20 million for nonprofits since its inception 30 years ago.
In 2016, Paige furthered the Bank’s efforts by creating the Spotlight Fund. Through this fund, the Bank’s social responsibility team proactively researches and identifies a pressing issue affecting local communities. The team meets with leaders in the field to understand how a long-term investment will create real impact, resources and opportunities that lead to positive change.
One of the Spotlight Fund’s signature causes is substance use disorder (SUD) prevention and recovery, for which Paige has been a fierce advocate. He helped the Bank achieve a Recovery Friendly Workplace certification in New Hampshire and now in Maine, which promotes a safe and healthy environment where employees, employers and communities foster a supportive culture that removes stigma and recognizes recovery from substance use disorder as a strength.
Paige has become well known across Maine and New Hampshire for his efforts to offer Kennebunk Savings as a resource for other companies who want to address SUD or become Recovery Friendly Workplaces. He is a board member of SOS Recovery Community Organization, the Futures Board of Northeast Passage, and the Maine Recovery Friendly Workplace Advisory Board.
Previous involvement with local nonprofit organizations includes the United Way of York County, Southern Maine Health Care, Wells Rotary Club, Wells-Ogunquit Community Connections Mentoring Program, York SHIPs (Special Helpers in Public Schools) Mentoring Program, Kennebunk-Kennebunkport Little League and the Child Abuse Prevention Council of York County.
Paige has served as Chair of Maine Bankers Association and on the American Bankers Association Board of Directors.
“Brad has had a strong influence on the financial strength of Kennebunk Savings and certainly on the strength of its culture,” said Meagher. “On a personal level, Brad has been the single greatest influence in my professional career. His mentorship and support, along with his example as the leader of this institution, have been invaluable. I plan to extract every last bit of wisdom from him during this transition.”