President and CEO of Skowhegan Savings to retire at the end of 2025

The longtime president and CEO of Skowhegan Savings Bank, David Cyr, announced he would retire at the end of 2025. 

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According to a press release sent out Monday, Dan Tilton, who is now the vice president of sales and customer relations, has been named president and will also assume the role of CEO when Cyr steps down. 

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“I have been truly honored to lead the dedicated and talented team at Skowhegan Savings,” said Cyr. “Our employees are our greatest asset and Dan’s appointment underscores our commitment to developing internal talent. I have full faith that his leadership will foster positive growth for the bank and a promising future for our customers, community and employees.”

Cyr was appointed president and CEO of Skowhegan Savings Bank in 2019. Under his leadership, Skowhegan Savings has grown from a $600 million mutual savings bank to over $850 million in assets with a capital base of over $100 million. 

In 2021, Cyr led the bank’s expansion into southern Maine by opening its Portland branch and establishing a $1 million workforce development fund through the Skowhegan Savings Charitable Foundation. The institution also received awards under his watch.

Cyr has over 40 years of banking experience. Prior to joining the bank in 2005, he held various leadership roles at many community banks. He also spent several years at the Finance Authority of Maine and is a member of the board of directors of Good Will-Hinckley.

The Aroostook County native received his bachelor’s degree in public accounting from Husson University. 

About Tilton

Tilton joined Skowhegan Savings in 2015. As executive vice president of sales and customer relations, he leads the retail banking and lending sales teams. 

Before joining the bank, he held leadership roles at Pride Manufacturing Co. LLC and Blackstream Creative. Tilton received his bachelor’s degree in business management and accounting from Gordon College.

In preparation for the leadership change, Cyr and Tilton will work closely together over the next year before Cyr’s retirement. Tilton will assume the CEO role on Jan. 1, 2026.

“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.”

Skowhegan Savings is ranked No. 17 among the largest Maine-based banks in the 2023 Mainebiz Book of Lists, based on $792.7 million in assets as of June 30, 2023.