CAMBRIDGE, Mass.--(BUSINESS WIRE)--Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and nearly $7 billion in assets, today announced that it has hired Ryan Bailey as the bank’s new president and chief executive officer (CEO).
Bailey was hired after the bank conducted a national search to succeed current president and CEO, Wayne Patenaude, who announced his plans to retire in 2023. Patenaude served in this position for 12 years and played an instrumental role in the bank’s robust growth over the last decade.
“CSB is grateful for all of Wayne’s many contributions to the bank since he joined as an executive vice president in 2007,” said Robert P. Reardon, CSB's board chair. “After over a decade of such strong direction from Wayne, we made it a priority to select an exceptional leader who will continue to uphold CSB’s values and commitment to excellence. The board has unwavering confidence that Ryan will build on Wayne’s legacy of maintaining CSB’s position as a strong community leader since 1834.”
Effective February 28th, Bailey will begin his tenure as CSB’s CEO and president while Patenaude will become a special advisor to the board. In his new role, Bailey will be primarily responsible for steering the organization toward its strategic objectives, maintaining growth and profitability, and fostering a continued culture of innovation, accountability, and excellence.
“We are thrilled to welcome Ryan and family to the New England area to lead us in our mission as a community bank,” Reardon continued. “Ryan has a strong vision for digital banking, financial stewardship, and sustainable growth that will enhance the lives of our community members. We are looking forward to a bright future under Ryan’s leadership. His wide-ranging experience in the banking sector, which includes customer orientation and community engagement, will be vital to our continued prosperity.”
Bailey comes to CSB from USAA, where he spent the past two plus years as head of retail banking. With nearly 25 years of leadership experience within the banking sector, he also previously ran consumer banking at Bank of the West as well as several retail banking units at TD Bank. As a passionate member of the banking community, Bailey also chaired The Consumer Bankers Association, a member-driven organization dedicated to promoting sound policy, preparing the next generation of bankers, and financing the dreams of consumers and small businesses. Prior to his professional career, Bailey earned his Bachelor of Business Administration in Finance and a master’s in business from the Haworth College of Business at Western Michigan University.
“Cambridge Savings Bank’s goal of improving and enriching the lives of our neighbors in the communities that our bank serves resonates with my relationship-driven approach to leadership,” said Bailey. “With a steadfast commitment to innovation, integrity, and client-centricity, I am eager to collaborate with our talented team. Together, we intend to drive growth, foster meaningful relationships, and deliver exceptional value to our customers and our communities.”
As CSB’s new president and CEO, Bailey’s vision for the bank includes continued excellence in customer service while further expanding its digital reach and capabilities. His arrival follows a year in which CSB achieved seven percent growth, with the bank now approaching $7 billion in assets across 18 branches. Named as one of “America’s Best Small Employers” by Forbes and a “Top SBA Lender in Massachusetts” by Bankrate, CSB has earned repeated recognition for its dynamic culture and individualized solutions in recent years.
Bailey’s appointment to president and CEO underscores the bank’s commitment to fostering an organizational culture that embraces diverse perspectives, pushes limits, and sparks transformative change in the pursuit of advancing financial well-being for its customers and its communities. For those interested in learning more about CSB, please visit cambridgesavings.com.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In 2022, CSB received an investment-grade rating from Kroll Bond Rating Agency reinforcing the bank’s position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender.
