Richard J. Green, chairman and CEO of Firstrust Bank, has acquired the majority voting shares and control of the institution from his father, Daniel. The move, made Sept. 27, was part of what the bank describes as an “orderly transition of Firstrust’s family ownership,” writes Jeff Blumenthal for the Philadelphia Business Journal. 

Firstrust, with headquarters in Conshohocken, Montgomery County, was started by Richard Green’s grandfather, Samuel, in 1934. He was succeeded by his son, Daniel Green, 95, who is now chairman emeritus and still a member of the board of directors.

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Richard Green joined Firstrust 40 years ago, has been CEO since 1994 and succeeded his father Daniel as chairman in 2015. He declined to grant an interview on the topic but did release a brief statement.

“I intend to honor my father and grandfather by keeping Firstrust vital and continuing our growth and prosperity, ever mindful of the trust that customers place in us to safeguard their money and help them achieve their financial goals,” Green said.

At 65, Richard Green has taken on the majority interest at an age where one might consider retirement. When asked about succession planning at the bank, a spokesman noted he has three children, one of whom is currently finishing law school, another who recently graduated from college with a business degree and a third who is still an undergraduate. But don’t expect a leadership change in the near future.

To read the complete story click here. 

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