Joseph Corrato has been hired by Darby-based Sharon Savings Bank to take over as CEO on Sept. 1 from Frank S. DePaolo, who will stay on as vice chairman, writes Jeff Blumenthal for the Philadelphia Business Journal.
Corrato has spent nearly four decades at Prudential Bancorp, serving as treasurer, controller, and chief accounting officer before being appointed chief financial officer 13 years ago. Eventually, he replaced the retiring chairman and CEO, Thomas Vento.
While at Prudential, Corrato was in charge of the bank’s conversion into a public holding company in 2013. However, he was later replaced by someone with ties to activist investor Lawrence Seidman, Prudential’s largest institutional stockholder at the time.
Sharon Savings Bank, established in 1873, currently has a corporate headquarters and lending office, four branches in Delaware County, and one in Philadelphia. Some experts, though, believe this could be an inopportune time to take the helm of an institution with only $170 million in assets.