First Hope Bank holds 112th Annual Meeting of Shareholders and Reorganization Meeting; announces retirements and promotions

HOPE, N.J., June 12, 2024 /PRNewswire/ — First Hope Bank, a cornerstone of the northwest New Jersey community for over 112 years, held its annual meetings of shareholders and reorganization on Wednesday, May 29th. Directors nominated for reelection and duly elected to a three-year term include Donald D. Somma, Owen D. Dykstra and Michelle M. Beatty.

Somma, who has been with the bank since 1993, most recently served as President and CEO with distinction from 2016. Somma is retiring from his current role but will remain a director serving as the Vice Chair. Somma has been instrumental in maintaining the bank’s strong community presence and financial stability. Under his leadership, First Hope Bank has navigated various economic landscapes while continuously providing exceptional service to its customers.

Owen Dykstra and Michelle Beatty have been board members since 2003 and 2018 respectively.

The Board of Directors is proud to announce the appointment of Daniel G. Beatty as the new President and CEO, succeeding Somma. Beatty, representing the fourth generation of the founding family, brings a legacy of stewardship, dedication, and innovation to the role. A 1999 graduate of the United States Military Academy at West Point, Beatty served six years in the U.S. Army as an Armor Officer achieving the rank of Captain. He returned to New Jersey in 2007 and joined the family business alongside his father, Norman E. Beatty – director emeritus and president emeritus; as well as his brother, Lewis R. Beatty – active director. Dan Beatty graduated from the American Bankers Association (ABA) Stonier Graduate School of Banking in 2011 and subsequently served on the ABA’s Endorsed Solution Committee.

Beatty, with his extensive experience and deep-rooted commitment to First Hope Bank’s values, is poised to lead the institution into a future marked by growth and innovation. His vision aligns with the bank’s mission to offer a full suite of banking products and services tailored to the needs of both consumers and businesses.

Among other promotions, Daniel Pimentel has been elevated to Senior Vice President and joins the Executive Committee as the Chief Credit Officer, overseeing the Commercial Credit and Commercial Closing departments. Pimentel started his banking career at First Hope Bank as a teller, in the summer of 2011. In 2013 he moved to Consumer Collections and then in 2016 and 2017 he moved on to Lending and Credit respectively.

“I am honored to carry forward the legacy of my predecessors and continue the tradition of excellence at First Hope Bank,” said Dan Beatty. “I could not be more confident with the entire team we have in place, led by our executive committee of Michelle Miragliotta (Chief Administrative Officer), Jennifer Finer (Chief Operating Officer), Neil Martucci (Chief Finance Officer) and Dan Pimentel (Chief Credit Officer). Our focus will remain on providing exceptional service, fostering community growth, and embracing innovation to meet the evolving needs of our customers.”

Founded in 1912, First Hope Bank has been a steadfast financial partner to generations of families and businesses. As the bank embarks on this new chapter under Beatty’s leadership, it remains committed to its core values of integrity, community, and service excellence.

About First Hope Bank

First Hope Bank, founded in 1912, offers a comprehensive range of banking products and services to meet the needs of consumers and businesses. With a commitment to community and customer service, First Hope Bank continues to be a trusted financial partner in northwest New Jersey.