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Sean Skabo Promoted to Assistant Vice President, Cash Management and Business Lending

Sean Skabo has been promoted to Assistant Vice President, Cash Management and Business Lending for Merrimack County Savings Bank (the Merrimack). In this position, Skabo will oversee small- and medium-sized business loans and lines of credit as well as cash management services.

Sean Skabo, Assistant Vice President, Cash Management and Business Lending, Merrimack County Savings Bank.

Cash management refers to services offered primarily to larger business customers including:

  • Wire transfers.
  • Advanced web services for business.
  • Automated clearing house (ACH) or an electronic system used to transfer funds between banks. Companies use ACH to pay others, especially employees through direct deposit. Companies can also use ACH to collect funds from customers, which is how automatic payment plans work.
  • Lockbox or a bank-established post office box. A company receiving a large number of payments by mailed check can arrange for their bank to set up a post office box for them, open their mail and deposit any checks received. A utility organization is one example of a type of company that may use a lockbox.
  • Sweeps accounts or a system that manages the excess funds from a company’s bank accounts so that they can earn interest overnight in a money market mutual fund. Sweeps accounts are then moved back the next morning.

“Sean has been a wonderful asset to the Merrimack Business Center,” said Ed Caron, Executive Vice President, Commercial Lending. “His range of banking experience spans 27 years, 13 of which was spent with the Merrimack. Sean continues to prove his commitment to service by dedicating himself to our customers and the community at large. He is a valued member of our team and we are pleased to promote him.”

Skabo joined the Merrimack as Assistant Vice President and Branch Manager of the bank’s Bow office. In 2009, he transferred to the Merrimack’s Main Office on 89 North Main Street in Concord. In May 2014, he was promoted to Senior Credit Analyst for Commercial Lending.

Skabo earned his Certificate of Financial Studies from the New England School of Banking and holds a Bachelor of Science in Financial Management. He is the past President of the Board of InTown Concord, and currently is the chair of economic vitality for InTown Concord. He was the past President of the Hopkinton Rotary Club, currently the Treasurer. Skabo is also active with Families in Transition and the Merrimack County Savings Bank Rock ‘n Race.

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