S&W has been retained by Savers Bank (saversbank.com) to lead the search and selection process for the bank’s next Chief Financial Officer (“CFO”).
Founded in 1910, Savers Bank is a well-run, growing community bank headquartered in Southbridge, MA serving the financial needs of the residents and businesses of central Massachusetts. As an approximately $720MM, state chartered mutual bank, Savers Bank is governed by its depositors and its mutual ownership structure allows the bank to take a long-term view of success. The bank offers their customers modern facilities and the latest technology to ensure they have the products, services, and delivery methods necessary to make customers’ banking experience, as their motto goes, “Simply Better.” The bank is in strong financial condition, with good earnings, efficiency, capital, and asset quality. For the period ending 12/31/23, the bank had an ROA of 0.64, efficiency ratio of 73.52, core capital ratio of 11.27, and noncurrent loans to loans of 0.55. Savers Bank is primarily a real estate lender, with $226MM of its $532MM loan portfolio in commercial real estate and $209MM in 1-4 family residential. The bank operates 6 retail locations in Auburn, Charlton, Grafton, Southbridge, Sturbridge, and Uxbridge.
Reporting to the bank’s President & CEO, Rosemary Picard, the CFO will serve as a key, strategic partner as the bank prepares to reach and cross the $1B threshold in the coming years. This executive leadership role will direct the bank’s finance & accounting functions, lead strategic forecasting and planning initiatives in collaboration with Senior Management and the Board of Directors, administer the bank’s investment portfolio and asset/liability management system, and help guide the bank’s relationship with state and federal regulators. We are seeking experienced bank finance talent for this community bank leadership role. For additional information, or to arrange a confidential conversation, please contact a member of the S&W search team: Cameron Boyd, Managing Partner (cboyd@smithandwilkinson.com) or William Wegener, Senior Associate (wwwegener@smithandwilkinson.com).