Cambridge Savings Bank (CSB), a full-service mutual bank with nearly $7 billion in assets, has announced the hiring of Ryan Bailey as its new president and chief executive officer (CEO). Bailey will succeed Wayne Patenaude, who will retire in 2023 after 12 years of leading the bank.
Bailey joins CSB from USAA, where he was the head of retail banking. He has over 25 years of experience in the banking sector, including roles at Bank of the West and TD Bank. He also chaired The Consumer Bankers Association, a group that advocates for sound policy and consumer finance.
Bailey will start his new role on February 28th, while Patenaude will become a special advisor to the board. Bailey will be responsible for guiding the bank toward its strategic goals, maintaining growth and profitability, and fostering a culture of innovation, accountability, and excellence.
“I am eager to collaborate with our talented team to drive growth, foster meaningful relationships, and deliver exceptional value to our customers and our communities,” Bailey said.
Bailey’s vision for the bank includes enhancing customer service and expanding digital capabilities. He will also build on Patenaude’s legacy of community leadership and social responsibility.
“Ryan has a strong vision for digital banking, financial stewardship, and sustainable growth that will enhance the lives of our community members,” said Robert P. Reardon, CSB’s board chair. “The board has unwavering confidence that Ryan will continue to uphold CSB’s values and commitment to excellence.”
CSB, founded in 1834, has 18 branches across Massachusetts. It has been recognized as one of “America’s Best Small Employers” by Forbes and a “Top SBA Lender in Massachusetts” by Bankrate.