Needham Bank’s Mark Whalen recently announced his intention to retire from his post as CEO.

Whalen, who has 35 years of banking experience in total, succeeded Needham’s previous CEO Jack W. McGeorge just 14 months ago. He is the former president and CEO of Dedham Cooperative Bank, and he joined Needham Bank in 2007 when the two merged. Whalen, 58, was named executive vice president in 2009 and was promoted to president and chief operating officer in 2012.

Eric Morse, the bank’s spokesperson, told Banker & Tradesman today that Whalen’s reasons for retiring were personal, that Whalen had simply decided he would like to explore other career avenues than banking. Whalen has a degree in psychology that he might like to apply to work in the non-profit world, Morse said. He informed the board of his intent on July 21.

“As we all get older, these birthdays that end in a five or a zero become milestones for us. We start to think about our life beyond banking,” Morse said.

He also said that Whalen’s retirement was not effective immediately. The bank has engaged an executive search firm to scout out Whalen’s successor, a process Morse said could take up to a year or even longer.

Once the bank’s board of directors finds a replacement, Whalen will work that person to ensure a smooth transition. Morse said that Whalen intends to continue working with Needham Bank as a director after he officially retires.