Bank of America names new president for Worcester market

Photo | Courtesy of Bank of America Michael Garand, president of Bank of America Worcester

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Bank of America has named longtime employee Michael Garand as the next president of the financial firm’s Worcester operations.

Garand has three decades of experience in the banking industry and joined Charlotte-based BofA in 2007, according to a press release issued by the firm on Thursday. Garand replaces Ed Shea, who is retiring after 39 years with BofA, having spent 18 of those years as Worcester president.

“During his more than 15-year career at Bank of America, Michael has established deep relationships with teammates, clients and the Worcester community,” Brian Moynihan, Bank of America chairman and CEO, said in the press release. “Michael is perfectly positioned to build upon the legacy and impact that Ed established in his nearly four decades with Bank of America.”

In addition to his new role as president, Garand is a managing director and private client advisor at Bank of America Private Bank, the firm’s private wealth services division. A Worcester resident, he is a board member of the Worcester Regional Chamber of Commerce and a member of the Worcester Estate and Business Planning Council and the Worcester Economic Club.

Garand graduated from Providence College in Rhode Island with a bachelor’s degree in business management.

Bank of America had $7.7 billion in local deposits in 2022, making the firm the largest bank in Central Massachusetts, according to data compiled by the WBJ Research Department. The firm has 22 branches in Central Massachusetts.