MANASQUAN, NJ (November 5, 2013) – After serving on the Manasquan Savings Bank Board of Directors for more than 34 years, Thomas W. Applegate has announced his retirement, effective November 1, 2013. Applegate served as Chairman of the Board for eight years, and has been a source of guidance throughout his tenure.
“Sound judgment is the cornerstone of a thriving financial institution, and Tom is a trusted member of the Manasquan Savings Bank family,” says President and CEO James S. Vaccaro. “While his regular presence will be missed, the impact of his dedicated service will continue to be felt for years to come.”
Applegate’s work on the Manasquan Savings Bank Board is but one chapter in a long, successful career. After receiving his B.S. in Business Administration from Lehigh University in 1955, he went on to serve in the U.S. Army as Private First Class, stationed at Fort Dix.
Tom later joined the Bay Head Board of Adjustments, and was appointed to the Bay Head Council in 1967. His tenure there spanned 28 years, during which he was re-elected Councilman nine times, eventually becoming President. Tom also succeeded Fred W. Applegate as President of Applegate’s Hardware, Inc., a Bay Head hardware store and local institution for more than a century which closed shortly after Superstorm Sandy.
At the community level, Applegate’s record is no less stellar. Tom has been an active member of the Bay Head Fire Company #1 for more than 60 years, where he first joined as a junior member in 1952. During that time, he served as Fire Captain (‘59), Chief (‘60-‘61) and President (’68-’69 and ’96-‘97). He was a member of the Point Pleasant Rotary Club for 50 years, served as President (’63-’64), and was ultimately named a Paul Harris fellow. Tom has also served as both Treasurer and Commodore of the Bay Head Yacht Club.
Tom’s service as President of the Bay Head Building and Loan Association fostered what would come to be a legacy of involvement with Manasquan Savings Bank. Upon its acquisition by the bank, Applegate was appointed Director in 1979. He was
ultimately elected Chairman of the Board in 1997, and became known throughout the organization for his business savvy and experience.
“A businessman with a strong sense of community, Tom’s keen insight has played a clear role in helping our organization grow,” Vacarro said. “We cannot thank him enough for his many years of tireless service, and the entire Manasquan Savings
Bank family wishes him all the best in his retirement.” Tom will continue to advise the bank in his new designation as Director Emeritus.
A local through and through, Applegate was a graduate of Point Pleasant Beach High School. He and his wife Betty have two children; Joyce and Andrew.