Cambridge Savings Bank CEO announces plan to retire

Cambridge Savings Bank CEO announces plan to retire

By Meera Raman

The CEO and president of Cambridge Savings Bank, which recently cracked the top ten list for largest banks in Massachusetts, told staff he plans to retire after over decade in the position.

Wayne Patenaude recently announced his retirement internally to the company, the bank confirmed.

“We are immensely grateful for Wayne’s exceptional leadership and unwavering dedication, which have been instrumental in our growth and community support efforts,” a bank spokesperson said over email.

Patenaude will remain in his position until the board approves a successor, and will be “actively participating in the CEO selection process,” according to the bank.

“We look forward to honoring his legacy as we initiate the search for his successor, who will continue to uphold our values and commitment to excellence,” the spokesperson said.

The Connecticut native has been at the bank for 16 years, joining in 2007 as executive vice president, chief financial officer and treasurer. Five years later, he was appointed as president and CEO of the bank.

Under his leadership, the bank has grown to be one of the ten largest banks in the state by Mass. deposits and has launched a digital bank called Ivy Bank. The bank previously ranked at the 14th largest bank in the state, but nabbed the number 10 spot this year, with $5.1 billion in Mass. deposits.

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