The board of directors for Arundel Federal Savings Bank has appointed Thomas Herpel to the position of president and chief operating officer.
Herpel has been serving as the bank’s executive vice president and chief operating officer since 2018 and succeeds Dave Costello as president. Costello will retain the title of chief executive officer and provide leadership support for strategic initiatives through early 2020. He will remain a member of the board of directors.
“Tom has spent the majority of his career with Arundel Federal, so he is very familiar with its business model, people, history and solid reputation as a great community bank,” Costello said. “He is the ideal choice to lead the bank into the future. His election to president and COO is part of a transition plan that has been in process for the last two years. Tom and I will continue to work closely through the transition. He is an exemplary leader, and his dedication to our culture and values have earned him the trust and respect of clients and colleagues for decades.”
Herpel joined Arundel Federal as controller in 1991. He is responsible for the oversight of the daily operations within the bank, ensuring a focus on strategic goals, working closely with senior management to develop and implement growth initiatives as well as direct oversight of the marketing, IT and residential lending departments. As he transitions into his new role, his additional responsibilities will include internal and external communications, strategic planning, goal setting, and governance matters.
A Maryland native, Herpel graduated from the University of Maryland at Baltimore County (UMBC) with a degree in economics and a minor in accounting. Herpel is also a certified public accountant, a graduate of the Maryland Bankers Association School of Banking, and a board member and treasurer of the Chesapeake Arts Center.
HEADSHOT, Tom Herpel