Bay State Savings President Expects Bumps In The Road In Tough Market
It’s not exactly the easiest time to be at the wheel of a community bank, but Peter Alden sees opportunity in the Central Massachusetts market.
Alden is taking over as president and CEO at Worcester-based Bay State Savings Bank, which has $270.6 million in assets and six branches in Central Massachusetts.
Alden is replacing Robert Lewis, who recently announced his retirement after 12 years at the bank. Alden hails from New Hampshire, where he worked for several banks over the past 25 years. Most recently, he was a loan review officer at Centrix Bank, which operates six branches in southern New Hampshire.
He said one of his immediate goals is a smooth transition for the bank’s 78 employees and its customers.
With the housing market depressed and many businesses nervous about borrowing, Alden acknowledged that the lending business is a challenge right now.
But he’s excited to be in a bigger market after working in southern New Hampshire since the mid-1980s.
More Lending Opportunities
“Central Massachusetts and Worcester have more opportunities, with larger companies and more commercial business,” Alden said.
Those opportunities also mean a competitive landscape, with multiple banks aiming to boost their deposit and loan portfolios.
“I think it takes a little more work and it takes a stronger effort,” he said. “It’s extremely competitive in the Central Mass. commercial banking area.”
Alden will have help in the lending department from two other newcomers. Timothy Pigott, recently of BankNewport in Rhode Island, and David Pérez, recently of Bay Colony Development Corp. in Waltham, were hired recently as vice presidents and commercial loan officers and will work at the bank’s headquarters on Franklin Street.
Bay State’s net income has been rebounding since the recession began in late 2007. The bank netted $1.9 million over the past four quarters, a year-over-year increase of 27 percent from $1.5 million.
Networking will be crucial to building the bank’s loan portfolio, Alden said, and he hopes to become more visible in the Worcester area as soon as possible. He and his wife are about to put their Wolfeboro, New Hampshire home on the market and plan to move to Worcester once it sells.
While Worcester and New Hampshire may be different markets, Alden believes there are constants in community banking.
“People still like to deal across a desk,” he said. “Even though there’s all this technology out there, that’s very valuable.”
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