Valley Community Loan Fund

Financing and Services for Jobs  


The Fund has retained Paul  P. Tierney as Chief Executive

Mr. Tierney has wide ranging business and nonprofit experience. He graduated from the University of Vermont in 1966 with a BA in Economics and from Amos Tuck School of Business at Dartmouth College in 1968 with a concentration in Finance. After two years as an officer in the US Army he practiced for fifteen years as a CPA including five years as a partner in the firm of Smith, Batchelder & Rugg, CPAs with 160 staff in eight offices. Mr. Tierney was the Audit Partner and in charge of the firm’s banking practice, where he served approximately twenty-five banks. He left the firm in 1985 to join Pinetree Power Development Corp. a firm he founded in 1984 to build wood-fired power plants. The company built two, approximately $30,000,000 plants, in a joint venture with Westinghouse Electric, which provided about 99% of the financing, and also sold the plants to Westinghouse. Each plant employed about forty staff and generated about 200 additional jobs in the local economies.

From 1988 to 1997 he was involved with Landmark Bank; a New Hampshire chartered commercial bank. He first conceived of the Bank and its business plan and created the initial private placement and subsequent regulatory filings and offering circular. The Bank raised $3,500,000 in initial capital along with about $1,100,000 from the directors and banks for the banking facility. He was a Director and the Chief Executive until the Bank was sold in 1997. He managed: the creation of the facility, development of all operating policies, installation of an in house data processing system focused on customer service support, retention of initial operating personnel and articulation of the Bank’s cultural philosophy, loan policy and lending operations, profit and loss planning, investment portfolio management, capital planning and other matters. The Bank was profitable after 14 months of operations and remained profitable until it was sold. The early 1990’s was a very dynamic time in banking and he implemented a series of profitable tactics to maximize the Banks profits and customer service. He co-negotiated the sale to a regional New Hampshire bank. Subsequent to sale of the bank he practiced as a certified financial planner and licensed investment advisor, and essentially retiring in 2008.

Mr. Tierney has been involved with nonprofits for many years including serving as a Director of the Upper Valley United Way, Lebanon College, Alice Peck Day Health Systems and Hospital (nine years) and Listen Community Services, the Upper Valley’s primary crisis services provider (fifteen years) He served as treasurer at APD and LISTEN and is currently the Chairman of the LISTEN board. Mr. Tierney is also a Director of Mountain Housing Trust Inc., Seminary Hill Performing Arts Center, Inc. and the Norwich Education Fund, Inc.

Mr. Tierney has been retained under a one year agreement to head up the management team.