Reading Cooperative Bank Announces Key Personnel Moves

(NOTE: Reading Cooperative Bank has two locations in Wilmington — 230 Lowell Street and 352 Middlesex Avenue.)

RCB Promotes Mike Foley to Assistant Vice President

READING, MA — Reading Cooperative Bank is pleased to announce the promotion of 15-year veteran and current High School Branches Manager, Mike Foley, to Assistant Vice President. Mr. Foley has been responsible for writing and teaching the Retail Banking curriculum at Reading Memorial High School (RMHS) and has fostered a close-knit relationship with the school’s administration and students. He’s also an arbiter of goodwill in the community, most recently serving on the board and as president of the Reading Education Foundation. Mike has earned the respect and admiration of Reading parents who have watched their children learn a great deal about banking, financial literacy, and working in a business environment while working with Mr. Foley. The RMHS Branch is now in its 10th year of operation, and, together with RMHS and RCB, recently commemorated this collaborative milestone.

In addition to job opportunities at the branch, each term, the school offers an elective course in the branch for students who are interested in gaining insight into money management.

Many students have attributed their financial knowledge to Mr. Foley and his guidance while working at the RMHS Branch. Last June, Mr. Foley spearheaded the effort to host a financial fair for the RMHS juniors. Like the in-school branch, the fair is a teaching device to give students a real-world glimpse into the financial situations they will soon encounter.

“Mike truly exemplifies RCB’s quality and commitment to our communities,” says Vice President-Branch Administrator, Teresa Cunha. “His creativeness and passion for financial literacy have made RCB a leader in this area.” Others at RCB and RMHS cite his leadership and developmental qualities as deserving of the promotion.

Mr. Foley started working for RCB in January 2002, as a part-time teller before ascending the ranks to full-time customer service representative and assistant branch manager prior to accepting the position as Branch Manager at RMHS. In September 2016, with the opening of RCB’s second educational branch at Northeast Metro Technological High School in Wakefield, Mr. Foley was given a second branch to manage. He has also spent the last few years training RCB’s retail employees on various areas of the bank and our systems.

Mike Foley

RCB Promotes Derric Souza from Staff Accountant to Assistant Controller

READING, MA — Reading Cooperative Bank (RCB) would like to announce that Derric Souza has been promoted to the position of Assistant Controller. The Assistant Controller is responsible for assisting with general ledger accounting, financial close, and reporting responsibilities. Some of the required tasks include recording transactions, preparing general ledger account reconciliations, and performing expense variance analysis to ensure transactions are accurately recorded. In this role, Derric will be managing the daily/monthly accounting activities, as well as verifying and allocating details of business transactions to subsidiary accounts. He will also assist in the preparation of the audited financials for fiscal year end, balance the bank’s cash position daily, and process all wire transfers. Derric will report to Judy Hildreth, Assistant Treasurer/Controller.

“I’m very excited about this opportunity,” said Souza. “I look forward to the new challenges I will face in this role.”

Preceding the promotion, Derric graduated from the New England School for Financial Studies. He enrolled in the two-year program to enhance his financial acumen and acquire the necessary tools to better navigate today’s changing economic climate.

“Derric’s promotion is well-deserved,” stated Hildreth. “He started three years ago and, since then, has shown a lot of growth, wanting to take on more responsibilities. He is a great asset to our department.”

Derric Souza

RCB Welcomes Raymond Acciavatti as Accounting Clerk

READING, MA — Reading Cooperative Bank is pleased to welcome Raymond Acciavatti to its Finance team as the new Accounting Clerk. Raymond will be responsible for accounts payable, general ledger accounting, as well as financial close and reporting duties. In this role, Raymond will also record transactions, prepare general ledger account reconciliations and process wire transfers. He will report to Derric Souza, Assistant Controller.

Raymond comes to RCB after spending a year as a Plant Funds Accountant I at the University of Texas at Austin. In 2015, Raymond graduated from the prestigious Isenberg School of Management at the University of Massachusetts at Amherst, where he majored in Accounting and graduated with a 3.7 GPA. Raymond managed his academic course load while being a member of the UMass Track and Field team. In the past, Raymond has been a student volunteer at the North Reading chapter of Dollars for Scholars, where he supervised annual phone-a-thon fundraisers and facilitated distribution of monthly minutes.

“Raymond brings a great analytical mind to the department,” said Derric Souza. “He’s very bright and will quickly pick up all the responsibilities for his role. We look forward to having him here for a long time and seeing how his position evolves.”

Raymond Acciavatti

(NOTE: The above press releases are from Reading Cooperative Bank.)

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