As one Seacoast-based bank prepares to transition to a new president, another in the region is transitioning its brand to, as it says, “reimagine banking.”

Joan Gile is retiring as president and CEO of Piscataqua Savings Bank, making way on March 31 for Benjamin Wheeler.

Having worked in banking for 42 years, Gile spent 38 of them at Piscataqua Savings, its president and CEO since 2021.

She joined Piscataqua Savings Bank in 1986 as an operations supervisor, rising to the role of executive vice president before succeeding Rick Wallis as president and CEO in 2021.

She’ll be succeeded by Wheeler, the bank’s executive vice president and prior to that its vice president/business development officer.

Chris Parker is president and CEO of Lighthouse Credit Union, rebranded this year from Northeast Credit Union. (Courtesy photo)

Meanwhile, Northeast Credit Union has changed its name, reemerging as Lighthouse Credit Union.

Chris Parker, its president and CEO since June 2021, said the name is symbolic of a mission-driven effort by the bank that “illuminates pathways towards financial well-being for our members.”

Both Piscataqua Savings Bank and Lighthouse Credit Union are headquartered in Portsmouth.

Among Gile’s most proud achievements — she described it as “huge” — is the bank’s recertification as a B Corporation (B Corp) last year, one of 167 such corporations in New England and one of just 14 in New Hampshire.

The B Corp certification process is controlled by B Lab. Founded in 2006, the nonprofit organization awards the B Corporation certification as proof a company has met certain standards and conditions of transparency, accountability, sustainability and performance, with an aim to create value not only for shareholders but for the community and society. The “B” stands for beneficial.

Joan Gile is retiring March 31 as president and CEO of Piscataqua Savings Bank. (Courtesy photo)

“Any money that we make doesn’t get paid out to stockholders,” said Gile. “It gets retained as capital. It goes back into the community. At least 10% of it goes back into the community every year. Some years it’s considerably more; like this year will be considerably more.”

Among the biggest changes that Gile has seen in her 42 total years in banking is the shift away from in-person banking to online transactions.

“It’s convenient and great until you have a problem, and then with some of those banks to get a problem resolved or a question answered, you’re in a phone tree that’s a mile long,” said Gile.

“I don’t have a door in my office, so if someone has an issue, a customer or an employee, they walk right in and we get it resolved right then and there,” she said. “They’re not having to call a corporate office, and go through four layers of management to get to the top.”

Wheeler, Piscataqua Savings Bank’s new president, will take over on March 31. Gile will remain on the board of directors after retirement.

Piscataqua Savings Bank has been offering financial services to the Portsmouth area since 1877. It has the one location on Pleasant Street in downtown Portsmouth.

Lighthouse Credit Union has been around since 1936, first as the U.S. Employees Federal Credit Union No. 1515, primarily serving employees at the Portsmouth Naval Shipyard. It became Northeast Credit Union in 1977; the Lighthouse rebrand took hold earlier this year.

In an interview, Parker acknowledged that the banking industry is changing, making it important for the bank to remain connected to customers and the communities in which they live.

The bank has three areas of focus, according to Parker: enriching the lives of others through education, food security and access to housing.

“It really is about creating positive impact.

We’re committing to put 50,000 individuals in stable housing over the next five years. We’re committing to put purpose-driven impact products into the marketplace,” said Parker. “The lighthouse is this beacon. We also say our members are the heroes, and it’s their story, and we’re just here to light the way for them. So (there is) a lot of symbolism with this brand that’s important to us in our mission.”

The credit union announced in October the start of an innovative cash-back checking account. Called the Lighthouse Rewards Checking account, it enables members to earn 1% cash back on eligible purchases like groceries, gas and utility bills. When members use their debit card for purchases, they earn 1% cash back, up to $50 in each month. Members can then either keep the rewards, or donate them to the Lighthouse Credit Union Foundation. The credit union will match the contributions up to $50 each month, potentially generating up to $100 per month for community programs.

Lighthouse has 17 branches throughout New Hampshire with branches as well in York County, Maine.

The bank industry is changing, making it important for (banks) to remain connected to customers and the communities in which they live.