Bay State Bank names new CFO

Bay State Bank has tapped former Clinton Savings Bank executive Richard Hayward to be the Worcester-based institutions’ new chief financial officer. "Today, Bay State Bank is a powerful community bank with a strong financial foundation and remains well positioned for the future,” Hayward said in a Friday press release from Bay State. In his new role, Hayward will manage the bank’s finance and capital planning and contribute to Bay State’s strategic efforts. Additionally, he will provide overall financial oversight, including supervising financial reporting, accounting, taxation, and corporate treasury. “With over two decades of experience helping lead some of the community’s most familiar names, Rich brings a wealth of expertise that will be instrumental as we continue to grow and evolve,” Seth Pitts, Bay State president, said in the release. A certified public accountant, Hayward most recently served as president and CEO of Boston Firefighters Credit Union, according to his LinkedIn profile. The credit union serves Massachusetts first responders and the individuals that support them, including current and former fire and police employees, labor union workers, and family members, according to the institution’s website. Before that, he worked as executive vice president, CFO/treasurer of Clinton Savings Bank, ending his 11-year tenure in 2022. Hayward was named one of WBJ’s Forty Under 40 in 2013. “His proven ability to drive performance and deliver value, while cultivating strong relationships with stakeholders, makes him an excellent addition to our leadership team,” Pitts said. Hayward succeeds David Cox, who served as Bay State’s CFO from March 2024 to August 2025, according to his LinkedIn profile. He now works in the same capacity at Coastal1 Credit Union, out of Pawtucket, Rhode Island. Hayward graduated with his bachelor’s degree from Merrimack College in North Andover. Having received $488.2 million in local deposits as of June 30, 2024, Bay State is Central Massachusetts’ 21st largest bank, according to data collected by WBJ’s Research Department. Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.