By Debra Cope
As Millbury National Bank marks its 200th anniversary in 2025, it is celebrating a legacy of independence, community service, and multigenerational stewardship — and preparing for a big transition.
This article is from the May-June 2025 edition of ABA Banking Journal Directors Briefing. Subscribe here.
“Succession planning has always been a priority here,” Marcum said. “And it’s not just about board members or management — it’s also about ensuring that future stockholders share our values and are committed to keeping the bank local and independent.”
Latino’s rise within the bank he joined in 2004 underscores the institution’s dedication to developing future leaders. After joining Millbury National, Latino transitioned from an interest in accounting and taxes to a passion for banking. With Marcum’s mentorship, he earned his MBA and graduated from the Stonier Graduate School of Banking while working across various departments, from operations and compliance to credit and branch management.
“When Kate told me early on that you always need to be ready when an opportunity presents itself, I took that to heart,” said Latino. “I looked for ways to contribute and expand my skills, and that mindset helped me prepare for the role I’m about to step into.”
Marcum’s family remains a visible part of bank leadership. Her sister, Suzanne Nydam, is the bank’s EVP and CFO. Marcum’s daughter, Ashley Mathers, serves as a VP in commercial lending and credit analysis — and is being mentored by Latino.
For Marcum, who joined the board in 2001 and was named president and CEO a year later, the transition has been years in the making. Succession was a regular agenda item at board meetings, and the process was put to the test in 2022 when both Marcum and Nydam were diagnosed with breast cancer. The sisters continue to work while undergoing treatments, providing stability and demonstrating the resilience of the leadership team.
As Latino prepares to become CEO, he echoes Marcum’s sentiment on what matters in leadership transitions. “The underpinning of collaboration and teamwork is communication,” he said. “Even after Kate retires, I know I’ll be able to call on her, just as she was able to call on her predecessors.”
Millbury National Bank’s commitment to its community reaches beyond banking. The bank’s employees practice acts of kindness, from anonymously paying grocery bills to filling up gas tanks. These efforts are coordinated by a committee of rank-and-file employees, reflecting the bank’s belief that every member of the team plays a part in shaping its culture.
As Millbury National celebrates its bicentennial, it’s clear that the bank’s focus on succession has been the key to its success. With Latino on deck, the bank is well-positioned for the next chapter in its storied history.
“The future of Millbury National is in great hands,” Marcum said. “I’m not worried about the bank. In fact, I’m looking forward to the next phase of my life. I’ve already been to six continents, and I’m hoping to visit Africa soon.”
Latino shares Marcum’s optimism, knowing that the values that have sustained the bank for 200 years will continue to guide its future. “We have a strong foundation, and I’m excited to build on it,” he said. “Millbury National has always been about serving our community, and that will never change.”
