Lawrence W. DeShaw, the president of Chittenden Corp.'s flagship bank, said he will retire at the end of March.
Mr. DeShaw, who will turn 60 this month, joined Chittenden Bank of Burlington, Vt., as a commercial loan officer in 1971. He has headed the $3.1 billion-asset bank since January 2003.
The $6.1 billion-asset parent company owns five banks with more than 120 branches in Vermont, Massachusetts, Maine, and New Hampshire.
"I have chosen to make this transition at a time when Chittenden is strong and stable," Mr. DeShaw said Friday in a press release. "The senior management team is knowledgeable and fully committed to our customers. Our board of directors is engaged and experienced in all of the facets of business in the communities we serve."
Mr. DeShaw is a former president of Chittenden's mortgage company and of Mountain Trust Co., which was merged into Chittenden Bank in 1985.
Paul Perrault, Chittenden Corp.'s chairman, president, and chief executive, has not named Mr. DeShaw's successor.
