January 16, 2020
The Board of Directors of Arundel Federal have appointed Thomas N. Herpel, President, as Chief Executive Officer replacing retired Dave Costello. Tom will also be a member of the Board of Directors.
Herpel has been with Arundel Federal for 28 years and succeeded Costello as President this past September. Joining the bank in 1991 as Controller, he advanced through the years to his current position as President. Herpel’s focus will be on advancing the Bank’s commercial and residential lending as well as deposit growth strategies. “We have a great team here at Arundel Federal and I’m looking forward to leading the bank into the future” Herpel stated. “The fact the bank is a mutual bank, which means we’re owned by our customers, allows us to focus on our customer’s needs, not stockholders. We have a lot to offer, all the bells and whistles of the bigger mega banks but on a more personal and community-centric level.”
Costello, who has been President/CEO of the Glen Burnie based Bank since 2015, joined the Bank in 2012 as Chief Operating Officer. During his presidency, his innovative leadership oversaw the expansion of the Commercial Real Estate department, advances in digital applications as well as increased community involvement. As he retires from his day-to-day responsibilities, he will remain a member of the Board of Directors.
“It’s been an honor to work with Dave over the years. He’s been instrumental in moving the bank forward during his tenure establishing a client-centered mindset making it easier for our customers to do business with us. On behalf of the Board of Directors and the entire Arundel family, I thank Dave for his leadership and wish him the very best. His daily leadership and counsel will be missed by all of us” stated Herpel.