A second senior executive has resigned at the Martha’s Vineyard Savings Bank. Robert G. Ripley Jr., an executive vice president who headed the Martha’s Vineyard Financial Group, the bank’s wealth management division, has left the bank effective today.
Mr. Ripley confirmed yesterday that he was no longer working at the bank, but had no further comment.
His resignation follows the abrupt resignation of president and chief executive officer Christopher Wells in late May.
Thomas J. Sharkey, former chief financial officer at the bank, who is now interim president and chief executive officer, could not be reached comment yesterday about the resignation of Mr. Ripley.
Bank trustees announced Mr. Wells’s resignation in a brief press release six weeks ago, saying only that Mr. Wells had resigned effective immediately for personal reasons.
Mr. Ripley, who has a long career in banking and investment management, was named to the top spot in the wealth management division in May 2009. He is a resident of Falmouth.
A community leader with a long career in banking, Mr. Wells had been at the helm of the bank since 2004, when he was named president of the Dukes County Savings Bank. In 2007 he presided over the merger of the savings bank and the Martha’s Vineyard Cooperative Bank, becoming president and chief executive officer of the newly-named Martha’s Vineyard Savings Bank.
At the end of 2011 the bank had total assets of $525 million.
Bank trustees said an executive search firm will be used to find a replacement for Mr. Wells.
At the time of Mr. Wells’s resignation, Mr. Sharkey said the financial position of the bank remains strong. “I can adamantly say that this is unrelated to the financial condition of the bank. It’s something between Chris and the board, and if I can allay anyone’s concerns that it’s a financial thing — it is not,” he told the Gazette.