40 Under Forty alumni: Walter Dwyer, Class of 2003 - navigated the ups and downs of the banking industry
Walter Dwyer in 2003 and 2024
Photo | Jaime Flores
40 Under Forty winners and alumni (from left) Ariana Dello Stritto (Class of 2024), Walter Dwyer (Class of 2003), Paul "Paulie" Chlebecek (Class of 2024), and Melissa Fetterhoff (Class of 2007) lounge at the entrance of the Lake Williams Boardwalk, in Marlborough.
- Class of 2003
- Then Senior commercial lending officer at Bay State Savings Bank in Worcester
- Now CEO at Main Street Bank in Marlborough
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The banking industry has certainly seen some turmoil in the past 25 years, but Walter Dwyer has navigated those troublesome waters just fine.
After about five years at Bay State Savings Bank, he headed to Spencer Savings Bank, where he helped the firm navigate the Great Recession in 2008. In 2010, he moved on to North Middlesex Savings Bank in Ayer, giving him the opportunity to provide banking services to his own home community in nearby Pepperell. Eventually moving up the ranks to president and CEO, in 2016, he rode the industry trend of consolidation firsthand when he led NMSB through a merger with Marlborough Savings Bank. Now dubbed Main Street Bank, Dwyer leads the merged institution with $1.7 billion in assets, as it provides local-based banking services to the same communities its predecessors had served for more than a century. He remains active in the local business community, serving on the boards for the Corridor Nine Chamber of Commerce, the Marlborough Economic Development Corp., and the Mount Wachusett Community College Foundation.
What did getting the 40u40 award mean to you at the time? I was proud to be recognized alongside so many other capable people!
What does it mean to you now? It makes me feel old, since I'm now 56. That was a long time ago. All kidding aside, I'm still quite proud, and I'd like to think I've continued to progress in terms of my career and community engagement.
What advice do you have for this year's 40u40 winners? Manage your time like the valuable, finite resource it is. Don't be afraid to say no. Second, doing the right thing will always serve you well. Helping others can create a virtuous cycle.
How has Central Massachusetts changed since you won the 40u40 award? Beginning with the positive, I can't believe the transformation of downtown Worcester! I hardly recognize it from the years I spent working on Franklin Street. On the negative side, I really do worry about the cost of living here, particularly housing.
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