Due to the planned retirement of the bank’s longtime CEO Mark O’Connell, S&W has been retained by Avidia Bank (www.avidiabank.com) to manage the search and selection process for its next chief executive.
Avidia Bank is one of the premier community banking franchises in the country and is a model of the modern, community-oriented financial institution. Headquartered in Hudson, Massachusetts in the state’s fertile MetroWest market, Avidia bank is a mutual community bank formed by the 2007 merger between Hudson Savings Bank and Westborough Bank, both founded in 1869. In addition to traditional business and personal banking products and services, Avidia also operates a number of profitable niche business lines that serve customers regionally and nationally. The bank is driven is by the Mission, Vision, and Values of:
Mission: “to provide our communities with strong and efficient financial solutions and exceptional customer service.”
Vision: “Avidia works hard to develop strong relationships with everyone in our communities and strives to be the best bank of any size or type in our markets.”
Values: “Honesty, Caring, Inclusivity, Positivity, Good Humor, Humility.”
Avidia is in strong financial condition with good earnings, efficiency, asset quality, and capital. For the period ending 3/31/22 the bank had $2.4B in total assets, an ROA of 0.43%, efficiency ratio of 79.14%, noncurrent loans to loans of 0.18%, and core capital of 8.19% (or $197MM). The bank maintains an approximately $1.6B loan portfolio, of which $950MM is secured by real estate (including $410MM in 1-4 family residential), and $632MM is commercial and industrial. Avidia is regulated by the FDIC and Massachusetts Division of Banks and operates 10 Retail locations in the communities of Clinton, Framingham, Hudson, Leominster, Marlborough, Northborough, Shrewsbury, and Westborough. Through the Avidia Bank Charitable Foundation (founded in 1997), the bank supports area nonprofits through a regular grant process.
The President & CEO is responsible for the leadership and stewardship of this important financial institution and will formulate, implement, and manage the bank’s overall corporate strategies and policies. We are seeking exceptional banking talent with demonstrated leadership and vision for this once-in-a-lifetime leadership opportunity. For additional information, or to arrange a confidential conversation, please contact a member of the S&W search team: Cameron Boyd, Managing Partner, Financial Services (firstname.lastname@example.org) or Moriah Maron, Associate, Financial Services (email@example.com).